The auction market in Melbourne on Saturday recorded a 76 percent clearance rate compared to last weekend’s 75 percent. The number of listed auctions was higher at 776 and the number of reported auctions went up to 578 from 518.
Sold over the weekend were a total of 446 properties with total sales amounting to more than $317,255,000. The median price recorded was still $740,000.
The outer suburbs are still the top performers owing to the rise in activity from first homebuyers. In terms of clearance rates, the south-east recorded the highest with 87 percent followed by the west with 85.7 percent. Following behind are the north, outer-east, inner-south, north-east, inner city and inner east.
For the month of July, the Domain Group noted that auction clearance rates in Melbourne have averaged 74.8 percent. This is proof of a strong demand for property in the area. This month alone, a total of 3,502 auctions have been held during the weekend higher than last year’s 45.5 percent.
Next weekend as the August market starts, more than 700 auctions are already scheduled in Melbourne.
This week, the Reserve Bank has once again made a decision to keep the current interest rates. Early predictions were strong that the current rate of 1.5 percent will be maintained.
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.
