The auction market in Melbourne recorded a 75 percent clearance rate on Saturday compared to last weekend’s 78 percent. The number of listed auctions was higher, though, at 936 while the number of reported auctions also went up to 732.
Sold over the weekend were a total of 551 properties with total sales amounting to more than $467,244,000. The median price recorded was lower at $880,000.
This weekend’s auction results are proof of a vibrant spring season particularly for sellers. The lower clearance rate was attributed to a rise in listings which provided more competition among sellers and more choice for home buyers. Increased homebuyer activity was noted in Melbourne’s outer eastern suburbs making it a good day for most sellers.
The south-east suburbs achieved the highest clearance rate over the weekend with 85.3 percent. Following behind were the outer east (81.5%), the inner city (77.8%), west (77.3%), the north-east (73.2%), inner east (71.7%), north (71.4%) and inner south (70.7%).
Next weekend, auction numbers are expected to be lower with 850 homes scheduled to go under the hammer.
During the winter, Melbourne’s auction clearance rates averaged 75.1 percent. This figure is similar to the rate recorded over the same period last year. A total of 10,046 auctions were held during winter. Although all areas recorded positive results during the period, the outer suburbs performed the best.
In Victoria, information from CoreLogic RP Data showed that a 74 percent clearance rate was achieved on Saturday with 1,178 properties going under the hammer. Sold during auction were 568 homes, sold prior to auction were 158 homes and 16 were sold after auction.
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.
