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Melbourne’s auction market recorded a clearance rate of 79 percent on Saturday despite fewer listings due to the Labour Day holiday. The total number of homes listed was only 258 while the number of reported auctions was down to 152. A total of 122 properties were sold with total sales amounting to more than $87,424,000. The median price recorded was $755,000.
Meanwhile, affordable rental units are becoming scarce in Melbourne and rents are rising faster than incomes. As for affordable homes, there are only 100 available on government land as part of an inclusionary zoning pilot program.
The north, west, south east and outer east suburbs continue to record strong clearance rates. However, the range between the highest and lowest regions remains tight.
In regional Victoria, the clearance rate remained high at 82 percent with 226 auctions held compared to last weekend’s 79 percent and last year’s 69 percent. Of the total properties listed, 147 were sold at auction and 39 before auction. Of the 226 auctions reported to the REIV, 186 were selling, 40 were passed in with 18 on a vendor bid.
The clearance rate for houses increased to a high of 87 percent. The total auction volume recorded was $166 million.
As for private sales, Victoria recorded 368 achieving a total sale volume of $237 million.
The Victorian state government recently announced the release of 100,000 new housing lots in Melbourne in the next two years.
Looking to buy in Melbourne and sick of missing out at auction? Thinking of selling and wanting trusted, impartial advice and hand holding to protect your interests throughout the entire selling process? Talk to us about how WE MAKE IT EASY to buy or sell your home.
Call us now on 03 8609 1234 for a confidential free consultation.
By Amalain Buyer & Vendor Advocates
Copyright 2017 | All Rights Reserved
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Amalain does all of the leg work on behalf of the buyer or seller. From sourcing, analysing, negotiating and bidding at auction for our buying clients, to choosing the most appropriate selling agent, negotiating a fair and reasonable selling commission as well as implementing the most cost effective marketing campaign for our selling clients, we offer trusted impartial advice to protect your interests throughout the entire buying or selling process. We charge a LOW FLAT FIXED FEE for our buyers. For our sellers, this service is provided FREE of charge. WE MAKE IT EASY to buy or sell your home. Call NOW for a confidential FREE CONSULTATION on 03 8609 1234 or visit www.amalain.com.au.
With a passion for financial empowerment through real estate and the leverage of passive income, Michelle started investing over 17 years ago, implementing diverse investment strategies to build her portfolio. Easily able to build rapport and empathise with others, she is a master negotiator who loves challenges and problem solving. Michelle’s tenacious nature and unwavering commitment to achieving the task at hand ensures that her clients always achieve the best possible outcome. Call NOW for a confidential FREE CONSULTATION on 03 8609 1234 or visit www.amalain.com.au.
Wendy is an avid real estate investor with nearly two decades of experience in buying and selling her own properties applying multiple investment strategies. Her expertise, knowledge and skill at negotiation dovetails perfectly with her passion as a buyer and vendor advocate. Her upfront, no nonsense approach ensures that her clients’ interests are always the priority when it comes to achieving success for her buyers and sellers. Call NOW for a confidential FREE CONSULTATION on 03 8609 1234 or visit www.amalain.com.au.
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