Melbourne recorded an auction clearance rate of 78 percent on Saturday with more than a thousand listings compared to last weekend’s low number of auctions. The total number of scheduled auctions was 1,214 while the number of reported auctions was up to 971. A total of 775 properties were sold with total sales amounting to more than $613,240,000. The median price recorded was $850,000.
The northern and western suburbs recorded strong auction clearance rates, according to Domain Group chief economist Andrew Wilson. He noted, though, that buyers were being pushed farther out in search of affordable homes. Wilson added that the stamp duty exemption for first home buyers in Victoria effective July 1st would likely increase house prices.
In regional Victoria, the clearance rate recorded was 81 percent but with more than a thousand auctions held compared to last year’s 74 percent during the same weekend. Sold during auction were a total of 730 properties. Some 122 were sold before auction. Of the total auctions reported to the REIV, 852 were selling, 205 were passed in with 89 on a vendor bid.
The clearance rate for houses went down four points to 83 percent but the total auction volume recorded was up to $844 million. The clearance rate for units and apartments was 75 percent.
As for private sales, Victoria recorded 320 achieving a total sale volume of $219 million.
February 2017 was the strongest month on record with more homes going to auction and a record number of homes selling at auction than ever before.
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