Mid-autumn Melbourne market going strong: Richard Wakelin

Auction clearance rates are consistently tracking in the high 70s and low 80s and in other words, very few properties are failing to sell under the hammer.

Typically, most of the rest are sold within a few days of the auction date.

Property prices are rising in Melbourne and are probably 3% to 5% higher than they were at the beginning of the year. This is off the back of strong growth of between 8% to 10% in 2014, according to one property expert.

Richard Wakelin, founder and director of Wakelin Property Advisory, said there is a palpable sense among many buyers that if they don’t buy soon, the property market will be more expensive in a few months.

In a new video released online, Mr Wakelin said times are good for vendors although there is a sense of further capital gains to be made so the impetus to sell right now may be less.

"There was a fair degree of nervousness among buyers in the second half of 2014. Many had bought in to the narrative that the property market had peaked. That there was no more price growth to come. That the Reserve Bank was about to lift interest rates," Mr Wakelin said.

"That doubt has been washed away.

"There is a definite sense of urgency among buyers. They know that the next move for interest rates is more likely to be down than up."