Melbourne recorded a 72 percent auction clearance rate on Saturday, slightly lower than last weekend’s 73 percent. The number of listed auctions further went up to 1,407 or 406 more from last weekend while the number of reported auctions was also up at 961.
A total of 717 properties were sold with total sales amounting to more than $603,475,000. The median price went up to $850,000.
Baby boomers were noted to have helped increase sale prices during Saturday’s auctions particularly in the inner and middle-ring suburbs. The inner-east also showed some improvement after underperforming since middle of this year.
In the coming weekends, the Melbourne auction market will face challenges as the housing supply peaks. Homebuyers will have more auction properties from a minimum of a thousand to choose from.
In Victoria, the Real Estate Institute of Victoria (REIV) reported 1,690 auctions in 370 suburbs over the weekend. Richmond was the top auction location with 23 auctions followed by Craigieburn and Glen Waverley with 21 auctions each. REIV president Richard Simpson said the low clearance rate was proof of a balanced market not favouring vendors or buyers.
According to the Domain Group, the regional clearance rate on Saturday was 66 percent. In the inner east, 71 of the 107 houses offered on auction were sold.
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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.
