Knox market: sellers back in favour as tight winter supply to continue
A supply shortage continues to bite buyers and rewards sellers in Knox suburbs.
The clearance rate was again close to 90 per cent, with thirteen from 15 properties sold either prior to or on July 27, according to CoreLogic.
Data shows in Melbourne the preliminary clearance rate was 74 per cent from 458 auctions.
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The Knox clearance rate has averaged 84 per cent across July, mainly due to fewer auctions and the growing number of bidders.
In June, the region recorded an average clearance rate of just 61 per cent.
The number of listings and auctions have dipped sharply in Knox since 2018 as the market softened, with lower demand and prices retreating.
Supply has fallen by as much as a third this winter compared to last year, O’Brien Wantirna director Geraint Gardner said.
“We expect the winter market to continue to be strong but there will be an oversupply come spring,” Mr Gardner said.
The supply shortfall and buyer confidence are driving up competition and prices in Knox, local agents said.
Sellers opting to list this winter, a traditionally slower period, have been well rewarded, with the long-time owners of 6 Robin Court, Wantirna, getting $100,000 above reserve on July 27.
“The well-maintained house is not in the flashiest part of Wantirna but had eight bidders and 150 groups at inspections,” Harcourts Wantirna agent Dean Kehagias said.
“The bidding went from $700,000 to $800,000 within a couple of bids and the house sold for $942,000.”
A young family renting in Croydon will move into their first home, a modest three-bedroom property built more than four decades ago.
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