Melbourne’s auction clearance rate improved to 68 percent on Saturday from last weekend’s 66 percent. The number of listed auctions was down to 1,366 while the number of reported auctions was 995.
The number of properties sold was 685 from last weekend’s 718 with total sales amounting to more than $520,023,000. The median price was $819,000.
Despite the rain, Melbourne’s southern and northern suburbs recorded the highest sales with more than $500 million worth of properties sold. The Domain Group noted that at least seven of every 10 houses were successfully sold in those areas. The suburbs where auction was highly competitive include Bentleigh, Hampton, Reservoir and Preston.
In the southeast, 70 percent of the total 53 houses and units that went under the hammer were sold signalling a strong seller’s market. The northern suburbs followed the same trend while the inner south had 67 percent of houses and 78 percent of apartments sold.
Compared to other cities in the east coast, Melbourne had more sales with a total of $520 million spent on residential properties. This figure was more than that achieved by Sydney at $352.1 million.
Melbourne continues to experience house price growth but according to AMP chief economist Shane Oliver, the area is still better than Sydney in terms of housing affordability.
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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.
