‘We had to lower our expectations’: More Melbourne properties selling post-auction

PHOTO: Simon and Michelle O’Connor sold their Richmond home after buying a Hawthorn property. Photo: Luis Ascui

Home buyers and sellers are increasingly haggling over property prices behind closed doors, with new data showing an uptick in post-auction sales across Melbourne.

While the city’s monthly clearance rate fell to 51.7 per cent in September, down from 70.1 per cent last September, new sales data collated by Domain shows that of the properties that were passed in at auction, almost 20 per cent went on to sell within two weeks of the failed auction.

“We are seeing clearance rates fall, but on the flip side we are seeing more homes selling in negotiation after they pass in at auction,” said Domain senior research analyst Nicola Powell.

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