With one more weekend of auctions left to run we are now in the countdown to the end of 2024 auction year.
With clearance rates being consistent you could be forgiven for thinking the year has gone better than it has.
We saw a spread of 57% to 78% reported but really what we are seeing on the ground is the real story.
Scheduled Auctions
1465
Reported Auctions
747
Total Sold
585
Total Passed In
162
Clearance Rate
78%
As always good property is finding a good buyer, but it is the average and below average properties that are struggling.
The idea that the Melbourne property market might shut down for the holidays and that people could miss out if they don’t buy before Christmas is a common misconception.
While the market may slow down slightly during the festive season, it doesn’t completely shut down.
Real estate agents typically remain open during the holiday period, although their hours may be reduced and auctions on hold, open inspections may be less frequent, but they still occur.
The perception of missing out can be fuelled by various factors. The Melbourne property market has historically been characterised by periods of rapid price growth, leading to a fear of missing out among potential buyers. This fear can be further exacerbated by media reports highlighting property price increases and low vacancy rates.
However, it’s important to remember that the property market is cyclical. There have been periods in the past where prices have remained stable or even declined. It’s crucial to make informed decisions based on your individual circumstances and long-term goals, rather than succumbing to short-term market pressures.
While it’s true that some buyers may prefer to secure a property before the holiday season to avoid potential delays, it’s not necessary to rush into a purchase simply because of the time of year. If you’re considering buying a property in Melbourne, it’s advisable to consult with a qualified property advisor or financial advisor to get a comprehensive understanding of the market conditions and make informed decisions.