The auction market in Melbourne bounced back on Saturday with a 78 percent clearance rate compared to last weekend’s 72 percent. The number of listed auctions was 823 while the number of reported auctions was 617.
Sold over the weekend were a total of 488 properties with total sales amounting to more than $424,343,000. The median price recorded was $882,150.
With the start of the spring selling season, Melbourne is seeing more higher-priced homes in the inner suburbs being offered to the market. The west still recorded the highest number of auctions this Saturday with 130 properties going under the hammer. Following behind were the inner south (120), north east (108), inner east (103), the north (97), outer east (82), inner city (81) and the south east (57).
The most popular suburb for auction in Melbourne was Reservoir followed by Craigieburn, Kew and Glen Iris. Other suburbs that performed well were East Bentleigh, Brighton, Coburg, Kew, Epping, East Malvern and Broadmeadows.
According to the Domain Group, investors remain a critical part of the Melbourne housing market. Data from the Australian Bureau of Statistics show that mortgage loans approved to investors in Victoria’s residential properties went up by 8.9 percent in June. This figure was the highest monthly total ever recorded in the state, proof that investors are attracted to higher prices.
In Victoria, a total of 1,878 properties were auctioned. It was evident that the state had the busiest suburbs for auctions this weekend.
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
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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.
