PRICES ARE SLIPPING BUTNOTENOUGH TOGET THE BUYERS BITING.

Melbourne’s auction market has seemingly found a new level but it’s one that will cause some distress for vendors and industry players. The auction clearance rate was 56.3 per cent inMay, about 5 percentage points belowthe average for the year to date.

This month’s performance was just shy of the worst recorded for this time of year in almost a decade.

Many in the industry claim this is due to rising auction stock levels— that demand is still strong, essentially— but the argument is not supported by the numbers at the metropolitan level, regardless of what is being seen in individual parts of the market.

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DESPITE weaker conditions, Melbourne’s property market continues to offer an increase of stock being auctioned.

Last week’s clearance rate has been downgraded to 53 per cent, which is the lowest since November 2008.

This is well below the 61 per cent average so far this year and, with more stock to hit the market in the coming weeks, vendors may face tougher times.

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THERE ARE SIGNS FROMALL SECTORS OF A WEAKENING MARKET AS THE CLEARANCE RATE CONTINUES TOFALL.

Melbourne’s auction market has posted its worst performance since the height of the global financial crisis, with nearly half of the properties offered failing to sell.

The Real Estate Institute of Victoria has downgraded lastweek’s clearance rate from 59 per cent to just 53 per cent, after tracking down scores of unreported auction results.

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IN THE cold, wet and windy Melbourne weather, it’s the determined buyers who are stepping out to bid on properties that tick all the boxes.

A total of 518 auctions was reported at the weekend, with a clearance rate of 56 per cent — the lowest since early February.

However, Angelo Bafunno from Thomson Real Estate in Northcote said the rate varied across Melbourne.

‘‘ In our area, in Northcote, I think the market clearance would be up around 80 per cent, which indicates that inner suburbs are selling well,’’ he said.

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