Melbourne achieved a higher auction clearance rate of 76 percent on Saturday compared to last weekend’s 73 percent. The number of scheduled auctions was also up at 1,066 while the number of reported auctions was 819.
A total of 629 properties were sold over the weekend with total sales amounting to more than $496,065,000. The median price recorded was $881,000. This figure was higher then the previous weekend’s $875,000 and last year’s $865,000.
According to the Domain Group, the outer suburbs were the top performers on Saturday achieving strong results for sellers. The north, meanwhile, recorded the highest clearance rate of 83.7 percent followed y the north east (82.6%), the west (80.4%), south east (80%), inner south (77.2%), inner city (74.4%), outer east (69.1%) and inner east (67.6%).
The Real Estate Institute of Victoria reported that sales of apartments in Melbourne was higher at 75 percent last weekend compared to sales of houses at only 72 percent. Buyers are said to be setting their sights on apartments after being priced out of contention for houses. WBP Group chairman Greville Pabst noted that people find apartments more affordable and advantageous as they are able to live near their workplace and enjoy the lifestyle they prefer.
Latest reports also said more empty nesters are competing for apartments as they have more cash to spend after selling their main residence. In addition, Melbourne’s inner and middle rings have seen strong price growth in the apartment sector. It is also noteworthy that older and larger apartments continue to be in high demand by owner-occupiers and investors compared to the newly-built properties.
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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.
