Melbourne’s auction market in Melbourne achieved a 79 percent clearance rate on Saturday. The number of listed auctions was down to 655 from last week’s 1,045 while the number of reported auctions also dropped to 485 from 781. A total of 389 properties were sold with total sales amounting to more than $302,922,000. The median price recorded was $789,000.
The Domain Group, on the other hand, noted the auction market in Melbourne continues to perform strongly. It added that homebuyers are now opting for lower prices more than central locations. The outer suburbs are outperforming the inner city areas primarily because people prefer the more affordable homes. In April, almost a dozen suburbs including Braybook, Altona, Seaford and Syndenham recorded a perfect 100 percent clearance rate.
CoreLogic, on the other hand, reports that the national clearance rate slightly increased from 74 percent last week to 74.6 percent on Saturday based on the results of a total of 1,365 auctions reported. Despite lower volumes this week, CoreLogic spokesman Kevin Brogan said clearances remained strong.
On the regional level, Victoria also recorded a clearance rate of 77 percent with 863 auctions held. A total of 111 properties were sold prior to auction, 459 were sold during auction and five after auction.
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By Wendy Chamberlain
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a
