Melbourne real estate auction blog: Livestreams, rolling updates from the auction market

Melbourne’s auction market is at fever pitch with 1,344 auctions scheduled amid pre-AFL Grand Final excitement, and speculation of a rate cut on the horizon. Find out more

Melbourne first-home buyers have been tipped to swarm the city’s auction market this weekend amid a pre-AFL Grand Final home sales rush.

PropTrack shows 1,344 auctions are scheduled in Melbourne this weekend, a 29 per cent increase from last year.

It coincides with the United States Federal Reserve announcing an interest rate cut this week that already has experts and buyers speculating of one on the way for Australians.

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REA Group Economist Anne Flaherty said Australian Bureau of Statistics data showed the number of loans to first-home buyers had increased by 19 per cent in the past year as they snapped up a growing wave of investment properties being sold off by landlords.

“Buyers are in a very good position this spring – what we’re seeing particularly in Melbourne is that there are a lot of homes on the market at the moment,” Ms Flaherty said.

However, Ms Flaherty said it was a double-edged sword.

“Every renter who transitions into being a first homebuyer is one less renter – because we’re seeing such high levels of property investors selling that’s also creating pressure in the market,” she said.

She warned that while new homeownership is positive, the rental market would continue to face challenges for some time.

AUCTION REPLAYS AND RESULTS

5 Lanigan St, Fawkner could be a first-home buyers paradise as prospective bidders gear up for todays auction at 10:30am.

The Lanigan St home also includes a pool table and a skylight - with the potential to transform into a mancave or entertaining space.

This weekend, Fawkner in Melbourne’s north will be a focal point with two back-to-back auctions at 27 Queens Parade and 5 Lanigan St.

Ray White Coburg’s Raphael Calik-Houston said both properties had registered bidders who were first-home buyers.

“We’re looking at selling these two homes, both have got first-home buyer registered bidders,” Mr Calik-Houston said.

He added that sales were historically often “jacked up” the weekend before the AFL Grand Final, as buyers wanted to get a deal done so they could enjoy the game the following week.

The home at Queens Parade is also expected to garner plenty of first-home buyer attention as it heads under the hammer at 11:30am.

Adding to buyer demand this week are growing expectations that a rate cut in the US could lead to one in Australia in the near future.

“Australia traditionally does follow the US at some point, there is good positive commentary to push the market trends,” Mr Calik-Houston said.

REA Group Economist Anne Flaherty weighs in on the flood of first-home buyers expected at Victorian auctions this weekend.

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Originally published as Melbourne real estate auction blog: Livestreams, rolling updates from the auction market