The auction market in Melbourne successfully sold 688 properties on Saturday achieving a higher clearance rate of 80 percent compared to last weekend’s 78 percent. The number of listed auctions was up at 1,120 while the number of reported auctions was 854. Total sales recorded was also up at more than $563,844,000. The median price was $891,000.
Smaller homes with only two bedrooms are now outperforming the typical family home in the inner and outer rings of Melbourne. The Real Estate Institute of Victoria (REIV) reports that more buyers want to enter the market below the median house price. REIV President Joseph Walton said with two-bedroom homes, buyers are able to enter some of the most expensive suburbs. This type of house is ideal for couples and downsizers who don’t need extra bedrooms but prefer a backyard instead.
On the regional level, Victoria held 976 auctions and recorded a higher clearance rate of 80 percent compared to last weekend’s 78 percent. The figure is higher by more than 200 than the auctions held during the same weekend last year with only 732 and a clearance rate of 72 percent.
Of the total auctions held, 654 were sold at auction and 131 were sold prior to auction. Additionally, 191 properties passed in with 77 being passed on a vendor bid.
The clearance rate for houses went up to 82 percent with total auction volume of $824 million. The clearance rate for units and apartments was down tot 77 percent.
As for private sales, Victoria recorded 340 on Saturday with total sale volume of $230 million. Werribee’s auction market was noted to be performing strongly with 55 homes sold during auctions this year. The figure is the highest in yearly auction sales for the suburb.
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.
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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.
