Melbourne’s auction market achieved a clearance rate of 75 percent on Saturday, just one percentage point lower than last weekend’s 76 percent and below the 83.7 percent achieved during the same weekend last year. The auction volume went up slightly to 1,055 from last week’s 1,035.
The total number of reported auctions was 747 and of that number, 565 properties were sold and 11 were withdrawn. Total sales amounted to more than $499,955,000 while the median price was up to $885,000.
Melbourne’s auction volume surged over the weekend as the spring selling season continues. The most expensive residential property that sold at $5.6 million was located at 108 Park Drive.
Next weekend, more homes are scheduled to be auctioned with 1,700. This figure will be an all-time record for a Saturday auction in Melbourne.
The outer suburbs remains to be the top auction performers. The north east is number one with a clearance rate of 83.3 percent followed by the west (82.7%), inner south (76.5%), outer east (74%), the north (70.3%), south east (70%), inner city (69.8%) and inner east (68.8%).
Melbourne’s housing market is expected to grow by 12 percent in 2018, according to the latest SQM research entitled Housing Boom and Bust Report 2017. Growth, however, is expected to be impacted should the interest rate increase next year by even just 0.25 percent.
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.
