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were sold at auction last week, while another 165 sold prior to auction, with 129 homes passed in. 29 properties were withdrawn from sale.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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