This weekend recorded a clearance rate of 77 percent, slightly lower than the 79 percent rate last weekend but higher than the 71 percent figure last year.
The Real Estate Institute of Victoria (REIV) noted a total of 508 auctions this 4th of July weekend amounting to $288.55 million. Of the total figure, 392 were selling and 116 being passed in with 50 on a vendor bid.
81 properties were sold prior to auction while 310 were sold during auction and one after auction.
For private sales (PS), there were a total of 443. For auctions, there were 308 houses listed with an 81 percent auction rate, 196 flats/apartments and four vacant land. The median price for houses was $722,500 while the median value for flats/apartments was $600,000. The median price for vacant land was $175,500.
For the month of June, some 2,300 auction sales were recorded. The number is higher by 200 compared to the same period in 2014. The suburbs that recorded the highest auction sales for June 2015 were Balwyn (39), Reservoir (38) and Glen Waverley (37).
Sold for $120,000+ over reserve in Coburg
6 Maranoa Cres Coburg
With a quote range of “$700K-$770K”, Duncan McPherson of Nelson Alexander Coburg got the auction underway on a soggy Melbourne afternoon with a vendor bid of $720K. 6 bidders vied for the property, with the property declared on the market at $810,000. After spirited bidding, the property sold for $932,000.
36 Woodlands Ave Pascoe Vale
With an opening bid of $600,000, 5 bidders tussled it out for the keys. John Morello from Jellis Craig Kensington declared the property on the market at $730,000, and it sold shortly afterwards for $740,000.
A soggy day in Sunshine Street
2/8 Sunshine St Pascoe Vale
With a chilly Melbourne winter day sending everyone indoors, John Cataldo of Nelson Alexander Pascoe Vale had little luck drawing bids from the small crowd. Placing a vendor bid of $620,000, he called for further bids. With none forthcoming, the property was passed in and is now for private sale at $675,000.
Sold $90,000+ over reserve
6 Alexandra St Pascoe Vale
Putting a show on for the cameras, Jamil Allouche of Ray White Brunswick ran proceedings at the auction on a wet winter morning. Declaring the property on the market at $550,000, the property sold for $645,500.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less. Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2015 | 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.
