The auction market in Melbourne remains to be in a strong position with 913 properties listed for auctions on Saturday and a 73 percent clearance rate. The number reported auctions was 690, slightly lower than last weekend’s 720.
A total of 505 properties were sold this weekend with total sales amounting to more than $415,317,000. The median price recorded was $890,000 slightly higher compared to last week’s figures.
According to the latest analysis of Domain Group, Melbourne’s median house price went up by more than $110,000 in a period of one year. From $732,104 in March 2016 to $843,674 in March this year. For the first quarter, house prices rose by four percent.
The northern part of Melbourne is now leading the pack in terms of prices. As for auctions, the north and the north east have achieved clearance rates above 80 percent. These two areas including the outer east also saw house prices going up for private sales.
In the region, Victoria held 801 auctions compared to last week’s 842 as reported to the Real Estate Institute of Victoria (REIV). The clearance rate achieved was 72 percent. The total auctions reported was lower, though, than the figure during the same weekend last year which was 894.
Of the total auctions held, 491 were sold at auction and 87 were sold prior to auction. Of the 578 properties that were selling, 223 were being passed in with 103 being passed on a vendor bid.
The clearance rate for houses was 72 percent with total auction volume of $612 million. The clearance rate for units and apartments was down to 71 percent.
As for private sales, Victoria recorded 238 on Saturday with total sale volume of $162 million.
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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.
