By Natalie Gallenti
NORTH Sunshine was among Melbourne’s worst auction suburbs in the past year, Real Estate Institute of Victoria figures revealed.
Less than half of all properties put under the hammer were sold.
The auction downturn came as new data showed Melbourne’s median houses price fell by six per cent in the first three months of the year. The average apartment price fell by 4.2 per cent.
Over the past three months the median house price fell by $36,000 to $565,000 from the record high of $601,000 set in the December quarter last year.
Over 50 suburbs had an auction clearance rate below 60 per cent, a far cry from last year when the rate was in the 80s.
Boran Real Estate sales and property manager Joanne Nguyen said home buyers were aware the market was slowing down and were reluctant to put their homes on auction.
“Believe it or not, there has also been a downturn in St Albans and Caroline Springs,” Ms Nguyen said.
“Between February and July the market was very strong, but since September it has been a bit slower. People are aware of this so they are not putting their houses up for auction.”
Deer Park was one exception where the median house price increased.
