Melbourne buyers are being urged to purchase now before impending interest rates could impact prices in the new year. Photo: iStock

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Melbourne home buyers have been warned it’s a “critical moment” with just days left to secure a home before Christmas.

Property experts are advising to “seize the opportunity now”, with Melbourne offering some of the most competitive deals nationally.

However, experts are warning a potential interest rate in the new year will bump up prices.

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With 1369 properties slated for auction it is expected buyers will remain very much in control.

PropTrack senior economist Paul Ryan said Melbourne’s auction clearance rate from last week sat at a steady 58 per cent, “signalling a strong buyer’s market”.

“Buyers are feeling confident, playing sellers off against each other in hopes of securing favourable deals,” Mr Ryan said.

PropTrack senior economist Paul Ryan said Melbourne’s steady auction clearance rate of 58 per cent last weekend reflects a robust buyer’s market.

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“As we hurtle towards the New Year, with over 1300 auctions set for this weekend, Melbourne buyers face a critical moment to get into the market now.

“Those buyers who capitalise on the current surplus of stock are likely to secure homes before the market activity drops over the Christmas period.”

Buyers advocate Cate Bakos said the amount of homes on the market presents a “golden opportunity” to wrap up the perfect pre-Christmas gift – a new home.

“We’ve had the most stock on the market since October 2012 – so from a supply and demand point of view it’s perfect for buyers,” Ms Bakos said.

“As we get closer to Christmas buyers will get wrapped up in their plans and their attention span won’t be focused on property shopping.

“From a vendors perspective they might want to sell their properties before Christmas for financial reasons.”

Prominent Melbourne buyers advocate Cate Bakos offers insights into Melbourne’s real estate trends as the city approaches its auction peak.

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Ms Bakos said this weekend was the last opportunity for buyers to manage a 30 day settlement as solicitors will only be working right up until December 23.

‘I’m always mindful of tax implications – (including) the impending land tax and Airbnb tax,” she said.

“But – this is a buyers market at the moment when we see a trajectory shift in the new year with the potential rate cuts we may see more competition.

“This is why it is important for buyers to transact now.”

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All eyes are on Broadmeadows, where bustling interest is expected from first-home buyers eager to realise their dreams at 50 Lahinch St.

For 53 years, spanning three generations, the home has held cherished memories, with price hopes of fetching between $550,000-$590,000.

Ray White Craigieburn’s Steph Shepherdson heads into a huge Broadmeadows’ auction on Saturday poised to attract first-home buyers and investors alike.

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Ray White Craigieburn auctioneer Steph Shepherdson said the property is reasonably priced to captivate first-home buyers, families, and interstate investors interested on its subdivision potential.

“In this area, especially with its rich family legacy, the dream is to pass this home onto another family rather than a development,” Ms Shepherdson said.

Meanwhile, over in Mount Waverley, Buxton Mount Waverley’s Peter Serafino said there is unique opportunity with developers and first-home buyers interested in a retro home in the suburb at 22 Morshead Ave, Mount Waverley.

The home with $1.649m price hopes boasts a large parcel of land often appealing to developers and homebuyers alike, particularly in the areas sought-after school zone.

A Mount Waverley home with a vast 822sq m of space is ideal for families, or development.

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“Despite high construction costs, land remains finite,” Mr Serafino said.

“The 822sq m property here tantalises various buyers, whether they’re planning family homes or development projects.”

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