Weekly Market Update - 11th March, 2019
By | 10th Mar 19

Your latest update by Frank Valentic

Melbourne's property market seems to have been picking up and showing some signs of a slow recovery.  The clearance rate was an improved 54% from a small volume of 141 auctions.  At most auctions there continues to be one or two bidders.  We saw that again on the weekend where the majority of auctions had only a sole bidder.  Quite a few auctions were passed in and then sold afterwards to the highest bidder. 

Many vendors are going onto the market now to try to cash in on their properties. The number of homes for sale in Melbourne is 30% higher than it was a year ago. This larger supply is giving buyers much wider opportunities and providing them with a buyers’ market environment. 

First Home Buyers are now looking for parent’s assistance to get their foot into property market. Almost ten thousand Victorian First Home Buyers are hoping that their parents will assist them with contributions to buy a property this year. The Bank of Mum and Dad is a popular bank now!