Melbourne’s auction market retained its clearance rate of 80 percent on Saturday although with less than a thousand listings. The total number of listed auctions was 947 while the number of reported auctions was up to 763. A total of 672 properties were sold with total sales amounting to more than $498,176,000. The median price was $846,000.
House prices in Melbourne remain high and latest reports say the city is expected to have $1 million house median by 2018. As such, housing affordability in the area continues to be a major concern. This 2017, Melbourne’s house prices are expected to increase at a more moderate level compared to previous years.
In the regional level, Victoria recorded a clearance rate of 81 percent on Saturday was 82 percent, up by 12 percent from last year’s rate.
There were lesser auctions held at 884 but this figure is still high compared to last year’s 513 during the same weekend. Sold during auction were a total of 586 properties while 133 were sold before auction. Of the total auctions reported to the REIV, 719 were selling, 165 were passed in with 62 on a vendor bid.
The clearance rate for houses was still at 84 percent with total auction volume recorded at $719 million. The clearance rate for units and apartments remained at 77 percent.
As for private sales, Victoria recorded a higher figure at 396 with total sale volume of $272 million.
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