Melbourne’s auction market remains strong achieving a clearance rate of 81 percent on Saturday. The total number of homes listed was still more than a thousand at 1,183 while the number of reported auctions was 952. A total of 772 properties were sold with total sales amounting to more than $620,649,000. Saturday’s median price recorded was $843,750.
The month of February was very positive for Melbourne as it recorded an overall monthly clearance rate of 78.5 percent considered the highest since 2001. Home sellers from Kensington, Albert Park, Avondale Heights and Ivanhoe benefited the most. As for units, Armadale, Balaclava, East Melbourne and Flemington recorded 100 percent clearance rates.
Domain Group chief economist Andrew Wilson said the demand for homes in Melbourne remains high. He said they are now experiencing the strongest early season market in the area.
For his part, Hocking Stuart Albert Park director David Wood said there’s a strong competition now between homebuyers, investors and self-managed superannuation-fund investors who are all searching for good and solid period homes with land.
On the regional level, Victoria also recorded a clearance rate of 81 percent with 1,063 auctions held. The clearance rate achieved was higher than that of the same period last year which was 73 percent. Of the total properties listed, 705 were sold at auction and 151 before auction. Of the 856 that were selling, 207 were passed in with 102 on a vendor bid.
The clearance rate for houses remains high at 84 percent while the rate for units/apartments was 73 percent. The total auction volume recorded was $877 million. As for private sales, Victoria recorded 335 with total sale volume of $205 million.
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