Melbourne auction rate shows sign of life as vendors lower price hopes

Melbourne’s horror auction-day clearance rate is almost 15 percentage points below its overall clearance rate, including pre- and post-auction sales. Melbourne home sellers appear to be lowering their expectations in the lead up to auctions, with signs the city’s under the hammer clearance rate has begun to improve. But it’s rising from a grim low that had barely 30 per cent of homes locking in a result at the agent’s call, well below the already grim overall clearance rate which captures pre- and post-auction sales as well as those made on auction day, which has hovered in the high 40 per cent range in the aftermath of the Albanese government’s May budget. The budget included changes to negative gearing and capital gains tax discounts for property investors. RELATED: ‘Insane’ seven-bidder auction skips Melb gloom Melb market loses 500 auctions to Albo, rates Pet and car questions could cost Vic landlords $62k For the past three weeks the under-the-hammer auction clearance rate has topped 34 per cent in what experts believe is an early sign sellers have recognised the weaker conditions and a rise in the overall clearance rate could emerge in the weeks ahead. This weekend, PropTrack...