Melbourne’s auction market had fewer properties listed for auctions on Saturday but it achieved a higher clearance rate of 80 percent. The number of listed auctions was down to 267 while there were 181 reported auctions. The latest clearance rate was higher compared to last week’s 76 percent. A total of 147 properties were sold with total sales amounting to more than $104,972,000. The median price recorded was $745,000.
This autumn, Melbourne’s auction market remained strong achieving the highest number of homes selling under the hammer. The Real Estate Institute Victoria (REIV) noted the northern suburbs were the top performers such as Reservoir and Craigieburn which recorded clearance rates of more than 84 percent. Other top performing suburbs were Mount Waverley, Glen Waverley, Epping, Kew and Preston.
REIV President Joseph Walton said the high volume of auctions and clearance rates this autumn are proof that vendor and buyer confidence in the market remain high. This has encouraged more homeowners to sell their homes via auction instead of private sales. He also pointed out the rise in auction sales particularly in the outer suburbs of Melbourne such as Werribee and Hoppers Crossing.
In the region, Victoria held 291 auctions as reported to the Real Estate Institute of Victoria (REIV). The clearance rate achieved was 76 percent. The total auctions reported was higher than the figure during the same weekend last year.
Of the total auctions held, 177 were sold at auction, 42 were sold prior to auction and two after auction. Of the 221 properties that were selling, 70 were being passed in with 28 being passed on a vendor bid. The clearance rate for houses was 78 percent with total auction volume of $189 million.
As for private sales, Victoria recorded 340 on Saturday with total sale volume of $241 million.
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By Wendy Chamberlain
Copyright 2017 | 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.
