Property listings were surprisingly lacklustre in Melbourne on the final weekend of the government’s boost to the first home owners grant, according to RP Data.
Only 139 properties went under the hammer last weekend, dropping from 873 the weekend prior.
Many attributed the fall in listings to the AFL grand final.
But despite the lower than expected listing, Rob Ellis of Property Insights said demand for property remained strong thanks to high population growth, low vacancy rates and a significant improvement in affordability.
“In light of this and the muted increases in housing supply to date, it is hardly surprising the property prices have been on the rise,” he said.
Sydney on the other hand, continued its strong run, with 811 properties going under the hammer last weekend.
The capital city achieved a clearance rate of 74.2 per cent, according to RP Data. Sydney’s clearance rate has only dropped below 70 per cent twice in the last three months.
It will remain to be seen whether or not the city can keep up its stellar run of clearance rates now the FHOG has been wound back.