Melbourne’s auction market had 982 properties listed for auctions on Saturday and recorded a 75 percent clearance rate. The number of listed auctions was higher from last week’s figure. Meanwhile, there were 720 reported auctions.
A total of 549 properties were sold with total sales amounting to more than $445,903,000. The median price recorded was $879,000 compared to last week’s $745,000.
This weekend, the western suburbs had the most number of homes auctioned with 176. Following behind were the outer east (141), inner south (133), north east (123), inner city (121), inner east (100), the north (79) and south east (62).
Glen Waverley was the most popular suburb on Saturday with 19 listed auctions. Next in line were St Albans, Mount Waverley, Reservoir and Richmond.
Home prices in Melbourne are still on the rise. This is despite the reduction in interest rates from last year. Monthly house prices have increase by 20 percent over the past year.
In the region, Victoria held a higher number of auctions at 842 compared to last week’s 291 as reported to the Real Estate Institute of Victoria (REIV). The clearance rate achieved on Saturday was 74 percent. The total auctions reported was lower, though, than the figure during the same weekend last year.
Of the total auctions held, 510 were sold at auction, 115 were sold prior to auction and one after auction. Of the 626 properties that were selling, 216 were being passed in with 90 being passed on a vendor bid.
The clearance rate for houses was 74 percent with total auction volume of $615 million. The clearance rate for units and apartments was 76 percent.
As for private sales, Victoria recorded 270 on Saturday with total sale volume of $190 million.
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 2017 | All Rights Reserved
WANT TO USE THIS ARTICLE?
You can as long as you include the following (links must be active):
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.
