THE clearance rate in Geelong has dropped 17.3 per cent in three months to December, new data reveals.
CoreLogic’s Quarterly Auction Market report shows the clearance rate in Geelong over the quarter was 51.3 per cent across 579 auctions.
For the same period the previous year Geelong’s clearance rate was 80.1 per cent across 719 auctions.
Geelong’s clearance rate in the quarter to September, 2018 was 68.6 per cent across 402 auctions
The report shows Melbourne’s clearance rate was 45.4 per cent across 12,372 auctions for the December quarter.
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This comes as the first Geelong property for the year went under the hammer on Saturday.
Barry Plant, Geelong agent Mitchell Falzon took 213 Verner St, East Geelong to auction.
“I knew I had one bidder before the auction and a pre-auction offer from someone else that was too low,” Mr Falzon said.
“It was very slow at the start of the auction but bidding picked up and went to about $510,000 before it was passed in.
“We took the highest bidder inside and after 20 minutes of negotiating we secured a sale for $527,500.”
Mr Falzon said the buyers were from Melbourne and were planning on moving down and renovating the house to put their mark on it.
“They saw the value in it,” he said.
The three-bedroom house is on 409sq m of land on the outskirts of Geelong’s CBD.
Mr Falzon said the market was harder at the moment.
“Agents can’t just sit on their bums, we are working really hard, you have to chase your buyers,” he said.
McGrath, Geelong agent Will Ainsworth he did notice the clearance rate in the last quarter was a bit lower because of two reasons.
“There were a lot more properties on the market so buyers could pick and choose what they wanted and also banks had tightened up their lending,” Mr Ainsworth said.
He said there had been really good numbers through opens so far this year with a lot being listed to sell at auction in February and March.