Melbourne’s auction market recorded a clearance rate of 81 percent on today with more than a thousand listings. The total listings numbered 1,245 while the number of reported auctions also went up to 932. A total of 768 properties were sold and total sales reached more than $567,707,000. The median price was $819,000.
The home auction market in Melbourne achieved its highest clearance rate for a month last weekend despite the school holiday. This weekend, the western suburbs had the most number of auctions at 239 followed by the outer east, north east and inner urban.
In regional Victoria, the clearance rate achieved was still 81 percent with more than a thousands auctions held. The total auctions held was 1,099 compared to 744 during the same weekend last year. Properties sold during totaled 727 while 161 were sold before auction and six after auction. Of the total auctions reported to the REIV, 894 were selling, 205 were passed in with 89 on a vendor bid.
The clearance rate for houses increased to 85 percent with total auction volume at $802 million. The clearance rate for units and apartments dropped to 74 percent.
As for private sales, Victoria recorded 364 with total sale volume of $271 million.
This year, more than 8,500 homes have already been auctioned with 80 percent selling during auction. The outer suburbs make up 25 percent of all metropolitan auctions.
The information on this website is educational in nature. The information is offered with the understanding that the author and publisher are not engaged in rendering medical, psychological and or financial services. The information is not intended to be a substitute for professional advice nor a substitute for legal, business, financial or tax advice. This information is general advice, as each person’s
situation is different and you should consult your advisor before taking any action. The reader assumes full responsibility if using any of the information. The authors and Amalain Pty Ltd specifically disclaim any liability resulting from the use or application of this information and the reader is advised to consult their financial advisor or broker before taking any action. Before using this website and reading the content you should read our website terms and conditions.