Melbourne started 2017 with a solid performance and there’s no stopping it from doing well throughout the rest of the year. So far, it has achieved an average clearance rate of 78 percent well above the 72 percent recorded last year.
Last February specifically the week ending February 26th, Melbourne recorded its biggest achievement for auction with 1,635 auctions held.
This figure broke a record for the most auctions held in a single week in February. The clearance rate that weekend was 81 percent. The last February auction week record achieved was in 2014.
Top Performing Suburbs
Average Clearance Rate. The top suburbs that showed the best performance were Avondale Heights and Glen Waverley. Based on CoreLogics’s data covering the period January 29 to April 9, Avondale Heights recorded an average clearance rate of 97 percent from 33 auctions. It was followed by Bulleen (96.9%), Oakleigh South (96.6%), Vermont (96%) and Gladstone Park (95.7%).
Auction Volumes. In terms of volume, Glen Waverley is on top of the list with 153 auctions and a clearance rate of 68.1%. Next in line are Reservoir with 152 (82.6%), Craigieburn with 145 (76.7%), St Albans with 142 (79.4%) and St Kilda with 138 auctions (66.1%).
Auction Sales. As for sales, Reservoir has recorded the highest sales at 114 properties with a clearance rate of 82.6%. Following behind are Craigieburn with 102 houses sold (76.7%), St Albans with 100 (79.4%), Glen Waverley with 92 (68.1%) and Kew with 87 (86.1%).
Auction listings went up in the first three months of 2017 by 1,113 or 18.3 percent compared to the same period last year. CoreLogic auction market spokesman Kevin Brogan noted that the strong auction clearance rates and high buyer demand have been instrumental in encouraging more homeowners to sell their homes via auction.
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