19th March 2019 / Rob Fletcher: AUCTION SNAPSHOT | 16 & 17 March 2019

Warmer weather and auction clearance rates were both on the rise last weekend, with 648 auctions held across the state. Comparing this weekend's clearance rate of 58% with that of the previous week, the 3% increase in properties selling at auction is likely to bring more confidence back to the market. 'Prices are down, but buyers are finally realising that the market is not going to bottom out,' said one agent.

Although buyer caution is set to remain in the market for some time, Domain reports 'a rising number of buyers across Melbourne are making offers on properties with subject-to-finance clauses'. While this means a sale will only go ahead if a prospective buyer can acquire the home loan they need to purchase the property, it seems the largest group affected by this trend at present are entry-level buyers.

Despite this, it was these very buyers who were out in full force over the weekend and whose 'spirited bidding' allowed them to take advantage of both stamp duty concessions and housing affordability. One agent suggesting, 'I think it's because of the stamp duty factor. First-home buyers in Victoria are exempt from paying stamp duty on homes up to $600,000 and have concessions on properties up to $750,000.'

In Fletchers news, 5-bedroom, 3-bathroom functional family residence on 49 Birdwood Street in Balwyn North sold over the weekend through Fletchers Property Consultant, Rino Presutto. The contemporary style home went up for sale in near new condition, featuring a spacious floorplan, low maintenance gardens and convenient location, close to Balwyn High School and surrounding primary schools, Macleay and Myrtle Parks.