The auction market in Melbourne recorded a significant improvement on Saturday with 77 percent clearance rate, up from last weekend’s 72 percent. The auction volume was down to 182, a huge drop from last week’s 1,269 reported auctions. This was expected due to the yearly Melbourne Cup which normally reduces activity in the auction market.
There were a total of 108 reported auctions with 87 properties sold while 5 were withdrawn. Total sales amounted to more than $58,980,000 while the median price was $710,000.
Median house prices in Melbourne went up by 1.3 percent reaching $880,902 in the three months leading to September. The prices were up by $11,304 compared to three months ago and up by $107, 503 compared to last year’s figures.
Each year, Melbourne’s regions have more housing volume sold at auction. The September quarter recorded high clearance rates averaging at 74 percent particularly in the north east and outer east. Following behind were the north (73%), the inner south (71%), west and inner urban which both achieved a 70 percent clearance rate.
In terms of median auction price, the inner east topped the list with $1.7 million followed by the inner urban with $1.6 million, the inner south with $1.4 million, outer east with $1.02 million and north east with $775,500.
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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.
