The week ending 13th March delivered a relatively high volume of properties at auction with a clearance rate of 82%, according to REIV data. Ath same time last year, the clearance rate was 70%.
Across Melbourne, 808 auctions were reported. 493 homes were sold at auction, while another 165 were sold before auction, with 145 passed in. 9 properties were withdrawn from sale.
An afternoon of steady rain may well explain the higher number of properties passed in compared with that of previous weeks. Nevertheless, buyer demand was once again strong, with several homes selling well above reserve including this Brunswick property, which was snapped up more than $100K over reserve.
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