Melbourne home buyers are fending off stiff competition and stretching past their budgets even as the amount of properties up for auction climbs to its highest level this year.

Bidders fought it out for well-presented homes across the city on Saturday, in the market’s first test of 2020. Some 1123 auctions were held in Melbourne on the weekend of February 22 2020, just short of a super Saturday.

By evening, Domain Group had recorded a preliminary clearance rate of 79.1 per cent from 774 reported results. Frustrated buyers who couldn’t find a home before the end of last year were continuing to drive prices up in the auction market, by going the extra mile to secure a property as soon as possible.

Source: DOMAIN.COM.AU – Jim Malo

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