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.