Yesterday’s auction recorded a clearance rate of 77 percent compared to last year’s 73 percent during the same weekend. This weekend, a total of 754 auctions were reported to the Real Estate Institute of Victoria (REIV) with 584 selling and 170 being passed in. Of the total passed in, 72 were on a vendor bid. As of this period, more than 22,000 auctions have been held this year alone. The figure is up 14 percent last year and 12 percent from 2010.
Meanwhile, 106 properties were sold prior to auction, 477 were sold during auction and one was bought prior to auction.
The number of private sales recorded was 353 with a total volume of $204.18 million while a total of 230 flats/apartments were auctioned with a median price of $645,000. For vacant land, 7 were auctioned this weekend with a median price of $852,000.
Melbourne’s auction market has recorded million-dollar sales in the past year. In the June quarter alone, a total of 2,201 homes attracted a million-dollar price tag at auction which was an increase of 60 percent from the 2014 figure.
20 Tom Roberts Crescent Yallambie
Auctioneer Brad Pearce of Miles Real Estate led the auction attended by a crowd of 90 people. The auction opened on vendor bid of $600,000.
The next bid was $650,000 then $700,000 and the property was on the market. Some 8 bidders tussled it out for the property with a lovely northern aspect, with the winning bid of $815,000 walking away with the keys.
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
