Melbourne’s auction market recorded a clearance rate of 72 percent on Saturday, slightly lower than last weekend’s 75 percent and below the 83.7 percent achieved during the same weekend last year. The auction volume went up significantly to 1,695 from the 1,055 figure last week with more homebuyers taking part as property listings surged.
The total number of reported auctions was 1,269 and of that number, 921 properties were sold while 18 were withdrawn. Total sales amounted to more than $825,256,000 while the median price was $880,000.
Reports have it that more buyers are now paying house and unit prices that are within or slightly higher than the quoted prices. This is attributed to several factors such as the implementation of the new price quoting laws in Victoria, the growth in well-researched buyers, declines in buying activity by overseas investors and the traditional ramp-up in stock levels during the spring season.
Among Victoria’s suburbs, Camberwell was the most popular this week with 27 homes auctioned. Following behind are Reservoir (25), South Yarra (23) and Craigieburn (22).
The Real Estate Institute of Victoria also reported this weekend saw the biggest auction in the state’s history with 1,826 residential properties going under the hammer. The previous record set was in November 2015 when Victoria had 1,712 auctions in one weekend.
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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.
