Melbourne’s auction market maintained a 75 percent clearance rate on Saturday with 841 scheduled auctions. The number of listed auctions dropped slightly from last weekend’s 936 while the number of reported auctions also down to 644 from 732 last weekend.
A total of 491 properties were sold over the weekend with total sales amounting to more than $396,842,000. The median price recorded was lower at $850,000.
First home buyers along with owner-occupiers dominated the first weekend of the spring auction market, according to the Domain Group. The trend is predicted to continue in the coming months. Interestingly, they are expected to face less competition from property investors. The decrease in investor activity in Melbourne is attributed to the new rules imposed by the Australian Prudential Regulation Authority.
In Victoria, the Real Estate Institute of Victoria (REIV) noted a 73 percent clearance rate was achieved on Saturday compared to last weekend’s 75 percent and 77 percent in the same weekend last year. There were a total of 737 auctions reported with 539 selling and 198 being passed in. Of those passed in, 97 were on a vendor bid.
A total of 461 properties were sold at auction and 78 sold before auction. Total sales amounted to more than $555 million while private sales numbered 333.
As for flats and apartments, 197 were auctioned achieving a 71 percent clearance rate. There were also 7 vacant lands that went under the hammer.
For the winter season, the top auction suburbs were Reservoir and Craigieburn. Reservoir recorded 133 sales while Craigieburn had 124 sales which were 40 percent more than the other suburbs following behind.
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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.
