Melbourne recorded a 69 percent auction clearance rate on Saturday, up from last weekend’s 66 percent. The auction volume remained high at 1,320 while the number of reported auctions was 887.
The number of properties sold was 629 with total sales amounting to more than $474,108,000. The median price recorded was $760,000.
Real estate experts are seeing a slide in Melbourne’s auction market. This is due to the lower than 70 percent clearance rates in the area in the past two months in contrast to the same time last year. This 2017, more than 40,000 houses and units have been auctioned based on data from the Domain Group. Despite this however, Melbourne’s property market remains strong unlike Sydney which has recorded lower clearance rates at 50 percent.
According to Domain Group chief data scientist Nicola Powell, the 60 percent level is still considered more robust than Sydney. This is attributed to the moderate gains in Victoria’s property prices.
The Real Estate Institute of Victoria (REIV) also reported that one in three suburbs in Melbourne now have a median price of $1 million. Latest REIV data showed that majority or 90 percent of suburbs within 10 kilometers of the CBD and almost half of suburbs in the middle ring are now in the million-dollar club.
Of the 402 suburbs in Melbourne, 154 recorded a median house price of $1 million or higher and this year, 44 more suburbs joined the million-dollar club including Mordialloc, Kingsville and Coburg. REIV president Richmond Simpson said as Melbourne’s population continues to grow at a strong rate, it is likely that more suburbs particularly in the middle ring will jump in the million-dollar list.
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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.
