The week ending 17th April delivered strong results in Victoria’s auction market, with a clearance rate of 86% according to REIV data. 907 auctions were reported during the period.
At the same time last year, a mere 149 auctions were reported while the state was dealing with the first wave of the pandemic, with a clearance rate of 75% for that period.
613 homes were sold at auction last week, while another 165 sold prior to auction, with 129 homes passed in. 29 properties were withdrawn from sale.
A defining feature of the real estate market across our capital cities this year has been a surge in buyer demand combined with a limited supply of housing, resulting in strong bidding for available properties. Just last week, the median house price in Victoria exceeded $1m for the first time, with the REIV reporting that Melbourne metropolitan houses have reached a median price of $1,004,500.
CoreLogic also released it’s Quarterly Auction Market Review last week, which reveals that “Australia’s combined capital cities clearance rate reached 80.0% over the first quarter of 2021” – an increase of almost 20% on the March quarter of 2020.
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By Wendy Chamberlain
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their 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.chamberlainadvocates.com.au 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.