This article is from the Australian Property Journal archive
ACTIVITY in Melbourne’s residential auction market continues to decline and figures show the clearance rate last weekend is 20% below the peak in 2009.
Last weekend in Melbourne clearance rates fell to 67% which is below the 85% achieved in the same Saturday a year ago, according to the REIV.
There were 496 reported auctions, 331 sales and 165 properties passed in, 106 of those on a vendors bid. The total value of properties sold was $231.25 million.
The REIV said unless buyer activity increases buyers will be presented with conditions that are more favourable than they have been over the past few months.
Meanwhile the private sales market had 534 transactions totalling $243.82 million.
According to Australian Property Monitor’s Home Price Guide, the most expensive property sold was a five bedroom house in Malvern for $4 million, whereas the cheapest one was a four bedroom house in South Morang for $283,250.
The next weekend is expected to play host to 580 auctions and then fall to 320 on the Federal election weekend.
The market was similar in Sydney, APM’s Home Price Guide shows there were 200 auctions reported and 135 sold resulting in a clearance rate of 62.5%. However, 133 results remain unreported.
Of the results reported, the total value of properties sold was $98.6 million. The dearest property sold was three bedroom house in Chipping Norton for $3.225 million. The cheapest was a two bedroom house in Mannering for $191,000.
Australian Property Journal
