Melbourne recorded a 69 percent clearance rate yesterday with a total of 1,189 scheduled auctions. Of that figure, 137 sold prior to auction, 308 passed in, 576 sold at auction and four sold after auction.
In the past three weeks, Melbourne’s clearance rate dropped below 70 percent. Last weekend’s rate was the lowest on record in more than two years.
The most notable drop in clearance rates was in the outer east which recorded a 75.6 percent rate in October. The area has been consistent in maintaining an 80 percent or above mark this year.
For the remaining weeks this month, auction numbers are expected to be more than 1,000. This provides more options for buyers.
In Victoria, the clearance rate achieved yesterday was 71 percent compared to last weekend’s 68 percent. A total of 953 properties were reported to the Real Estate Institute of Victoria (REIV) with 675 selling and 278 being passed in. Of those passed in, 134 were on a vendor bid.
Of the properties auctioned in the region this weekend, 127 were sold prior to auction, 546 sold during auction and two after auction. A total of 362 private sales were recorded, 280 flats and apartments and nine vacant land auctioned.
In the 12 months leading to September, family homes in inner and middle Melbourne recorded the highest median price growth. In particular, the four bedroom houses experienced an estimated 15 percent increase.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2015 | All Rights Reserved
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a Buyers Advocate gives her buyers an experienced voice they can trust when it comes to negotiating to purchase something as important as their new home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.FollowWendy.com for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.