A clearance rate of 79 percent was recorded during this weekend’s auction similar to last weekend’s rate with a median price of $821,000. During the same weekend last year, the clearance rate was 72 percent. A total of 860 auctions were reported to the Real Estate Institute of Victoria (REIV) with 680 selling and 180 being passed in. Of the total passed in, 84 were on a vendor bid. The total number of auctions was also lower by 45 compared to last weekend’s figure.
Meanwhile, 122 properties were sold prior to auction and 558 were sold during auction.
The number of private sales recorded was 369 with a total volume of $218.16 million while a total of 268 flats/apartments were auctioned with a median price of $615,000. For vacant land, 10 were auctioned this weekend with a median price of $865,000.
For the month of July, an estimated 2,700 auctions were recorded with 77 percent selling. This figure is up 14 percent from the same period last year. Auction sales were also higher at 22 percent compared to July 2014.
Yesterday’s auction had a special meaning for the Chinese with the date being 8/8/2015. The number 2015 also adds to 8 hence, the day was extra special to buy real estate.
1/47 Crookston Reservoir
Auctioneer Tom Alexiadis from Nelson Alexander Northcote led the auction attended by a crowd of 50 people. With a quote range of $460,000-$500,000, this fully renovated 3 bedroom art deco home on a sub divided block received an opening bid of $480,000 among six bidders.
The property was on the market at $550,000 and was sold for $631,500.
24 Barwon Avenue Reservoir
Auctioneer was Harry Kontossis from Barry Plant Reservoir. With an opening bid of $580,000, a crowd of 30 people witnessed the auction of this large older home on 677m2 parcel of land. Five bidders fought it out and one succeeded to become the new owner. The property was on the market at $660,000 and was sold for $670,000.
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
