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.
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