Just two bidders now competing at typical Melbourne auctions

Anthony Albanese budget moves have cut bidders around Melbourne, but auctioneer Luke Banitsiotis is seeing signs that two bidders are delivering a “strong rhythm”. Melbourne’s typical auction is getting one less bidder than a year ago, with some of the lowest number of bidders active at auctions on record. It comes as the city recorded a preliminary 61.8 per cent clearance rate for the second week of the spring selling season, a modest shift from the same time a week ago, though scheduled numbers increased slightly to beyond 700 after starting spring at just 630. Ray White analysis of their auctions, hundreds over the past month, has revealed an average of two people bidding for each home going under the hammer. RELATED: Melb hotspots tipped for five-figure spring boom Melbourne’s ultimate spring real estate guide Carroll enacts new Vic landlord’s law with $26k sting A year ago it was more than three. But even in 2024, when interest rates were at current levels, it was around 2.4 typical bidders for each auction. This year’s stark low comes despite auction numbers plunging to their lowest levels since the pandemic, with this week slated for just above 700 — a weak figure by recent ...