Melbourne had a higher auction volume today and maintained its clearance rate of 76 percent similar to last weekend. The number of scheduled auctions went up to 1,160 compared to last weekend’s 1,066.
A total of 653 properties were sold today with total sales amounting to more than $486,786,000. The number of reported auctions was 844 while the median price recorded was down to $800,000.
In Melbourne, several suburbs are attracting a younger population. Cranbourne East is the suburb with the highest number of school-aged children followed by Tarneit and Truganina. From 1,500 in 2011, the number of residents aged between 5 and 17 has surged to 5,000.
Real estate agents pointed out that of 10 homes on the market, eight are normally selling to families and young couples including the first-home buyers.
According to the Domain Group’s data, the most expensive residential property that sold during auction was the one at 18/21 Marine Pde in St Kilda. The four-bedroom unit sold for $3,610,000.
Latest data from the Australian Bureau of Statistics showed that real estate prices in Melbourne went up three percent over three months to June. Melbourne’s annual price growth is now the same as Sydney at 13.8 percent. Following behind is Hobart with 12.4 percent.
On the regional level, the Real Estate Institute of Victoria reported a clearance rate of 74 percent from 967 sales and auction results. Sold during auction were 610 properties while 108 sold before auction. A total of 248 properties passed in.
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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.
