Wyndham’s auction clearance rates are on the decline as the Melbourne property market begins to plateau.
Real Estate Institute of Victoria figures reveal that Werribee properties that go under the hammer have the best chance in Wyndham of selling at auction, with a 73.9 per cent clearance rate in May – higher than the metropolitan clearance average of 65.6 per cent.
However, the rest of Wyndham’s suburbs are more in line with the metropolitan average, with Hoppers Crossing and Point Cook each posting a 66.7 per cent clearance rate for the past month, followed by Tarneit (62.5 per cent).
Between January and October 2017, Wyndham’s clearance rate sat at 81.9 per cent.
According to Domain, Melbourne’s auction market has started the year on a far more subdued note than in previous years, following an intense period of properties exceeding asking prices at auction.
Samantha McCarthy, from Hockingstuart Werribee, said that while auction clearance rates had reduced slightly, auctions still remained popular with vendors.
She said the agency conducted about seven or eight auctions each weekend.
“We’re still sitting at around 80 to 82 per cent for our office clearance rates,” she said. “It really comes back to pricing the property correctly in the market, and making sure it’s really well presented … you follow up with [potential] buyers and ensuring that you’re going to have the best possible outcome for your vendor.
“I still believe it’s a great method to sell your home if everything is done correctly.”
Ms McCarthy said Werribee and Hoppers Crossing properties remained popular among buyers, but also noted an increased interest in Wyndham Vale.
“It is that next price bracket down,” she said. “Wyndham Vale is definitely one of those areas I’d be watching out for – it’s an easier entry point for property prices, especially for first home buyers.”
Ray White Werribee sales consultant Victoria Occhibove said there had been a growing trend of properties selling soon after auction.
“We’re finding that, if they don’t sell on auction day, properties sell within 24 to 48 hours after,” she said.
“We always say there’s never a wrong time to sell. We’ve already got auctions booked in July, but there’s more competition in spring than there is in winter.”
