Melbourne achieved a 69 percent clearance rate yesterday during auctions that included 717 properties. Of the total, 529 properties were reported and 374 were sold. The total volume of sales recorded was more than $215 million.
Melbourne’s auctions this weekend was more than double Sydney’s numbers making it the city’s biggest pre-Christmas weekend on record, according to the Domain Group. This is proof of the different levels of confidence of sellers in the two markets, said Domain senior economist Andrew Wilson.
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Auctioneer Jamil Allouche from Ray White led the auction today in front of a crowd of 60 people. SkyNews turned up to cover the auction of this original home on a block of land that would be an ideal new home site, just one street over from highly sought after St Bernards College.
The auction opened on a bid of $500,000 and this was quickly countered with a bid of $600,000 from the crowd. The bid further increased in steady $10,000 rises from there.
At $760,000, the property was declared on the market. With six bidders, it became a race between two bidders, with the bidding stalling at $900,000. A bid of $901,000 was quickly countered with a bid of $910,000. The auctioneer managed to elicit a further bid of $911,000, again quickly countered with a bid of $920,000. The property was sold to this bidder at $920,000.
In Victoria, a 70 percent clearance rate was recorded compared to last week’s 67 percent. A total of 633 properties were reported to the Real Estate Institute of Victoria (REIV) with 443 selling and 190 being passed in. Of those passed in, 68 were on vendor bid.
A total of 96 properties were sold before auction while 347 were sold during auction. A total of 338 private sales were noted while there were 453 auctions for houses, 169 for flats and apartments and 11 for vacant land.
This year is considered the strongest for Victoria’s auction market setting a record of 44,000 auctions. The next auction weekend is scheduled for late January.
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