BUYERS looking for family homes are in the driver’s seat this spring, as agent listings are heavy with three and four-bedroom homes for less than $500,000.

With prices sliding throughout Melbourne and listings set to rise, vendors are being forced to drop their price to secure a sale.

Family homes for less than $500,000 are on the market in the city’s prized inner-city circle, with properties in Abbotsford, Spotswood, Yarraville, Seddon, Footscray, Footscray West and Coburg.

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MELBOURNE’S love affair with auctions is cooling as buyers swing back to private sales.

Victoria’s capital is touted as the auction capital of the world, but with the city’s clearance rate averaging 56 per cent – a figure that fails to take into account auctions that have been cancelled at the last minute for fear no one would turn up – vendors are shifting back to private sales.

About 23 per cent of all properties are now being sold under the hammer, down from 30 per cent a year earlier when the clearance rate was averaging about.

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MELBOURNE’S property market is tipped to remain in a slumber into spring as confidence stays flat.

The weekend auction clearance rate of 57 per cent was only slightly better than the previous weekend as buyer and vendor uncertainty ruled.

JPP Buyer Advocates’ Catherine Cashmore said it was the 12th week the market had posted a clearance rate in the 50s, tipping the trend would continue until late this year.

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