The auction market in Melbourne recorded a lower clearance rate of 72 percent on Saturday compared to last weekend’s 74 percent. The number of listed auctions was higher, though, at 823 while the number of reported auctions was also up at 623.
Sold over the weekend were a total of 454 properties with total sales amounting to more than $412,839,000. The median price recorded was also higher at $898,000.
Saturday’s auction result was considered the weakest performance of the Melbourne auction market in 14 months. The drop in sales activity was attributed to the surge in auctions particularly in the inner eastern and inner southern suburbs, according to the Domain Group.
The northern suburbs were leading Melbourne’s regional market over the weekend with a high clearance rate of 82.2 percent. The south east was following behind with 80 percent. Next in line was the west with 76.9 percent followed by the north east with 76.6 percent and the outer east with 72.5 percent. In the lower ranks were the inner city, inner east and inner south east.
In Victoria, there were 1,029 scheduled auctions on Saturday with 903 properties sold based on CoreLogic’s RP Data. The clearance rate achieved was 71 percent. A total of 150 properties were sold prior to auction, 464 were sold at auction and 26 were sold after auction. Of those sold, 247 were passed in.
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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.
