Melbourne’s housing market had more than a thousand properties auctioned on Saturday. With 1,143 auctions held, the market achieved a 77 percent clearance rate compared to last weekend’s 80 percent. Sold were a total of 679 properties while total sales recorded was up at more than $570,547,000. The median price was $839,000.
This weekend’s auction numbers was close to the May Saturday record set three years ago on May 31, 2014. The high auction figure is proof of the strong seller confidence in the Melbourne market.
The west was Saturday’s most popular suburb region for auctions with 176 listings. Brighton was the suburb that performed well with 18 auctions followed by Hoppers Crossing, Reservoir, Kew, Hawthorn, Epping and Pascoe Vale.
In the region, Victoria held 1,011 auctions compared to last week’s 976 auctions. The clearance rate achieved was 77 percent, down from last weekend’s 80 percent. The total auctions reported to the Real Estate Institute of Victoria (REIV) was slightly lower than the figure during the same weekend last year with only 1,049.
Of the total auctions held, 677 were sold at auction and 106 were sold prior to auction. Additionally, 228 properties passed in with 95 being passed on a vendor bid.
The clearance rate for houses was 79 percent with total auction volume of $781 million. The clearance rate for units and apartments was down to 75 percent compared to last weekend’s 77 percent.
As for private sales, Victoria recorded 343 on Saturday with total sale volume of $257 million.
With 98 homes sold during auction this year, Hoppers Crossing is Victoria’s top growth auction suburb. This figure is six times more than the same period last year.
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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.
