Auction clearances have risen to a 15-month high in a market that is buoyant, but increasingly the domain of buyers with wealthy parents. ausbiz
, despite the Reserve Bank’s unexpected 11th interest rate rise this month.
Mr Saville on Saturday oversaw the auction of a two-bedroom apartment at 4/177 Rathmines Road that sold $101,000 over the reserve.“[These buyers] had help from parents. But it’s not just them. Most of the first home buyers I’m meeting are bringing their parents along.” In the Victorian capital, the city with the most auctions over the week tracked by CoreLogic, the preliminary clearance rate of 74.4 per cent was down on the previous week’s preliminary 75.7 per cent, with the number of scheduled auctions up 12 per cent to 834.“The RBA won’t be very comfortable seeing these numbers,” AMP Capital chief economist Shane Oliver said on Sunday.such as cars and furniture.
Bidding on the 6/29 Wood Street home started at $1.65 million, it was called on the market at $1.8 million and sold for $1.915 million in the auction that drew in four bidders, selling agent Tim Holgate of Belle Property Lane Cove said. There is always a danger that that group becomes exhausted as well – that the Bank of Mum & Dad gets tapped out.Back in Melbourne, buyers’ agent Emma Bloom said that higher financing costs were affecting different tiers of the market differently.
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