Melbourne auction market worst in years as new laws hit

Just 452 homes are set for auction this week in Melbourne, a 60 per cent drop on the same time last year. The Victorian government’s new auctions laws will commence amid the worst October auction market in years. According to realestate.com.au data, the 452 Melbourne homes set to go under the hammer this week is the lowest in three years for the traditionally busy spring month, compared to a week in October 2023 when there were 236 auctions. Last week’s clearance rate plunged to 49.3 per cent, while a Market Snapshot report released by REA.com this week shows the number of new homes listed for sale in the city dropped by 14 per cent in September. RELATED: One in 10 Victorian auctions in doubt as tough new laws start Carroll gov pledges foreign investor property tax review John Pesutto slams ‘desperate’ Vic gov’s planning process It comes as a prominent real estate figure warns the Ben Carroll government’s new auction legislation requiring homeowners to advertise their reserve price seven days before an auction “goes out the window” once bidding commences. Barry Plant’s chief auctioneer James Hatzimoisis said many buyers remained confused about the new auction laws, introduced on Oc...