Melbourne`s housing auction liquidation rate has fallen to less than 60% twice this year, according to Domain, marking the start of the Melbourne housing market tilting towards sellers.
Although the liquidation rate last week was 60.7%, the previous week`s liquidation rate was revised to 58.9%.
The liquidation rate was 57.7 percent in mid-April, the lowest in more than five years, according to Domain. But that figure excludes long weekends, public holidays and summer holidays.
Compared with last year, this year`s auction liquidation rate has plummeted. The housing auction liquidation rate in February last year even reached 80% at one point.
Liquidation rates in 2016 and early 2017 also often reach 75%.
Observers have found fewer bidders, fewer surprising auctions, and more houses sold through private negotiations.
Staffod Property Advisory`s Kirk Stafford said: "No one will disagree with the idea that the market is cooling. The madness of last year`s housing market is over. "
Buyers are no longer panicking, Stafford said, and they are more balanced in their search for homes.
But Pete Wargent, a real estate consultant, said the results of the auction vary depending on the type of house and the region.
"the focus in Melbourne, however, is that demand for buyers is still strong, and those involved in the market should try to keep that in mind."
Buyers and real estate agents say entry-level property and high-end property competition is the most intense.
A large number of homeowners want to buy properties below seven hundred and fifty thousand yuan because they can get a stamp duty discount.
Sydney`s housing auction liquidation rate has also begun a downward trend. Auctioneer Peter Etheridge told Domain that buyers now have more options.
