This article is from the Australian Property Journal archive
MELBOURNE’S residential property auction clearance rates have improved marginally last weekend.
According to the REIV, the clearance rate was 72% compared to the previous weekend result of 67%.
There were 525 auctions reported in Melbourne and 379 properties sold, whilst 146 were passed in with 91 of those being passed in on a vendors bid. The total value of homes sold was $256.13 million.
The private sales market had 567 transactions totaling $262.21 million.
REIV president Enzo Raimondo said the result will be welcomed by vendors with homes listed for auction in the next few weeks as it shows that demand is still healthy and buyers still very active.
Listings remain high with 1200 homes to be offered at auction in the next fortnight.
Meanwhile the REIV’s June quarter median prices shows that the median price of a house in Melbourne has increased by 8.5% to $559,000 from a revised $515,000 in the March quarter.
Sydney’s auction market also reported an increase in clearance rates but it was due to fewer properties going under the hammer, according to Australian Property Monitors’ Home Price Guide.
Last weekend there were 325 auctions and 147 sales resulting in a clearance rate of 56.5%, compared to the previous week’s 343 auctions and 157 sales representing a clearance rate of 51.1%.
The total value of properties sold was $105.6 million.
Australian Property Journal