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.
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