- Posted 04 Mar
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If you’re looking to buy a home, particularly in the Melbourne area, then take note of these trends in auctions to make sure you get the best deal.
Melbourne has recently been called the auction capital of Australia, with suburb Reservoir topping the list with over 200 auctions recorded from October 2015 to January 2016. 60% of those homes were actually closed at auction.
So how can you take advantage of high auction trends around Australia? Follow our tips below…
#1: Look at auction trends in your local area
If you’ve been wanting to buy in inner suburbs but found yourself being priced out because everyone else is wanting to do the same, then focusing on the up and coming areas is your next best option.
Look at auction trends for your specific location and see where the biggest sales have been and start your search there. You’ll be in a position to grab some great deals if you’re smart and do your research early on.
#2: Look at areas where major development is happening
Another trend to take advantage of is looking at suburbs where major development is happening and bears similar traits to those suburbs where auction sales are high.
Often, there will be a number of suburbs outside of inner city living that offer similar opportunity but are just that little bit further away. If you’re prepared to accept this trade-off, then you could find yourself a bargain.
#3: Build rapport with your local real estate agent
If you can build a solid relationship with a couple of real estate agents, then you’ll be one of the first to know about great property bargains in the areas you’re looking to purchase in.
Chat to them about auction trends as well, they are better suited to provide you current figures and can also steer you in the direction of any new trends as they develop.
If you’re looking outside of your state or territory, it helps to know what’s happening nation-wide.
Below are the auction counts by suburb and state between Oct 2015 and Jan 2016:
- Reservoir = 205
- Mount Waverley = 188
- Glen Waverley = 177
- Mosman = 97
- Randwick = 94
- Blacktown = 82
- Stuart Park = 8
- Nightcliff = 7
- Durack = 5
- Paddington = 32
- Calamvale = 20
- Sunnybank = 27
- Prospect = 22
- Adelaide = 20
- Parkside = 16
- West Hobart = 9
- Devonport = 8
- Newstead = 7
- Kambah = 28
- Narrabundah = 25
- Downer, O’Connor = 19
- Rivervale = 14
- Baldivis = 9
- East Fremantle = 9
Now that you’re armed with the auction trends around Australia, it’s up to you to take advantage of them.
If you need help with home loan finance or figuring out what type of mortgage will best suit your needs, contact the team at Australian Credit and Finance today.