Melbourne maintained a 79 percent auction clearance rate with 908 auctions on Saturday. The total number of homes listed was almost double last weekend’s 471 although below the 929 auctioned in the same weekend last year. Of the total, 571 properties were sold with total sales amounting to more than $442,565,000. The median price recorded was $830,000.
The western suburbs hosted the highest number of auctions with 156 followed by the inner south (130), inner city (123), the outer east (115), inner east (111) and the north east (100). Richmond was the most popular suburb this weekend with 18 properties auctioned followed by Glen Waverley, Northcote and Hawthorn (14), Preston (13), St Albans and Craigieburn (12) and Mt Waverley and Armadale (11).
During the spring selling season last year, Melbourne achieved an average clearance rate of 79.6 percent during the weekend auctions. It is predicted that the autumn season will likely produce similar results.
In the region, Victoria recorded a 78 percent clearance rate with 846 auctions held. Of the total, 663 were selling and 183 being passed in. Of those passed in, 78 were on a vendor bid.
Sold at auction on Saturday were a total of 544 properties while 119 were sold before auction. Some 83 properties were passed in with 30 on a vendor bid.
The clearance rate for houses was high at 80 percent while the rate for units/apartments was 78 percent. The total auction volume recorded was $610 million.
This month of February, more than 3,100 auctions are scheduled in Victoria. This figure is up by three percent from last year’s.
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