By Natalie Gallenti
CLEARANCE rates across Brimbank have fallen to below 50 per cent with local real estate agents predicting the market will only worsen in the coming months.
Real Estate Institute of Victoria figures revealed that in the year, to date only 79 out of a possible 172 properties that went to auction in Sunshine, Sunshine North, Sunshine West, St Albans and Taylors Lakes, were sold.
Sunshine West was the hardest hit, with just over 30 per cent of houses sold, compared to 72 per cent at the same time last year.
Joanne Nguyen, sales and marketing manager from Boran Real Estate, said the whole market had taken a dive and the worst hit spot in Brimbank was probably St Albans.
Ms Nguyen said since September last year, clearance rates at auctions had steadily declined and many vendors had been forced to drop their selling prices and were left searching for the right buyers.
“The drop hasn’t happened overnight,” she said.
“Buyers are not in a rush anymore, they have more choices and they are more educated about the market.”
She said the imminent stamp duty drop in Victoria could boost the market. However, she said many buyers simply could not afford to buy a home in Sunshine anymore and were being forced to move further out.
“Sunshine is a good place to live, it’s close to the city, a lot of work has been done to improve it.”
Director of Waldron Real Estate Tony Lojanica said properties just weren’t selling at auction anymore and he put it down to prices escalating too quickly.
“Prices jumped so fast, but now they are slowly going down,” Mr Lojanica said.
“An agent that prides itself in getting a good price will probably not be that successful in this market.”
