More homes in Melbourne went under the hammer yesterday recording a 69 percent auction clearance rate, down from last weekend’s 72 percent. The total number of scheduled auctions this weekend was 770, higher than the 541 in the previous weekend while the number of reported auctions was 576. Of the listed homes that were auctioned, 412 were sold and 21 were withdrawn. Total sales recorded was more than $320,357,000 while the median price was $784,000.
Auction volume in Melbourne at this time is lower compared to 2017 but CoreLogic Victorian director Geoff White said demand remains strong in some areas notably for the lower-priced properties.
In Victoria, the north-west section of Geelong and Melbourne were the strongest performing regions last weekend achieving clearance rates of 80 percent and 81.6 percent, respectively. White stressed that while reports say Melbourne’s housing market is slowing this year, buyers need to be aware that certain areas of the market are still very strong with multiple bidders taking part in auctions.
Earlier, White expressed optimism over auction volumes to gradually increase peaking on the last weekend of February. In Melbourne last year, some 1,635 auctions were recorded on February 26. He added that 2018 could be a good year not only for buyers but also for sellers and real estate agents.
This week, the auction hotspots were Craigieburn with 20, Bentleigh East with 14 and Reservoir with 13.
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By Wendy Chamberlain
Copyright 2018 | 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.
