Melbourne's weekend housing auctions were well received in June as, in spite of the cold weather, buyers were out in force to snap up property for sale.
According to senior economist at Australian Property Monitors (APM) Andrew Wilson, who was reporting in the Age, Melbourne experienced the highest clearance rates for June since 2009.
On the last weekend of the month, both APM and Real Estate Institute of Victoria (REIV) could confirm that the area experienced a clearance rate of around 70 per cent. This followed a chain of high clearance rates across the month.
The popularity of auctions is because consumers were tempted by the lower interest rates and first time buyers turned out to take advantage of home owner grants, which were restricted at the end of June.
July is expected to be a considerably quieter month, as tradition goes, due to it being the middle of winter and consumers being distracted by the school holidays.
Posted by Ravin Chatlani
