Melbourne auction market enters its busiest June weekend

Font size :
The Melbourne property market is bracing itself for more than 1000 properties on auction this weekend as vendors race to sell before next month’s elections, changes to foreign buyer taxes, and school holidays.

According to Arch Staver, sales director of Nelson Alexander, the extra activity this year is spurred by commentary around the election outcome and what it might mean to negative gearing and the property market.

“And you could probably put it down to some people having a level of nervousness, and thinking that perhaps go sooner rather than later,” Staver said. “This has, of course, been such a long, drawn-out election campaign that, from the day that it was announced, people had the time to put their property on the market.”

This weekend beat previous June day record of 916 auctions in 2010, as well as the 864 auctions held on the same weekend last year.

Markets in the north and west are very strong as they tend to be less constrained by the winter shutdown than the east, says Domain Group chief economist Andrew Wilson.

“We’re seeing bigger numbers from those western and northern suburbs. Those lower-price ranges are very strong,” he said.

However, the large volume of auctions does not necessarily mean buyers are spoiled for choice. Wakelin Property Advisory’s Jarrod McCabe said that the overall quality of supply was not as great as in the past. Still, there are some pretty good opportunities for one and two-bedroom apartments in the ‘50s, ‘60s, and ‘70s era buildings in the inner eastern and inner southeastern suburbs.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, Sep 20, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords