This article is from the Australian Property Journal archive
MELBOURNE'S residential property market is expected to offer up to 1000 homes next weekend.
This is the largest offering and it comes just four weeks into the official start of the auction market.
Meanwhile last Saturday in Melbourne, 711 auctions were reported and 450 properties sold resulting in a clearance of 85% – which continues the trend of high clearance rates for the last six months, according to the REIV. Only 109 properties were passed in.
The total value of properties sold was $469.05 million on the weekend compared to $120.3 million in the same Saturday last year.
There were also 677 private sales reported totaling $322.64 million.
The median house price was $730,500 and median apartment sale price was $520,000.
According to Australian Property Monitors’ Home Price Guide, the most expensive sale on the weekend was a six bedroom house in Toorak for $7 million and cheapest was a one bedroom unit in North Melbourne for $204,750.
Next weekend the REIV expects just under 1000 auctions.
In Sydney, Australian Property Monitors’ Home Price Guide reported 347 auctions and 196 sales totaling $159.9 million. The clearance rate was 71.3%.
The same time a year ago, Sydney reported 300 auctions and 177 sales totaling $106.6 million.
The most expensive property sold was a five bedroom house in Avalon for $5.1 million and the cheapest property sold was three bedroom house in Eschol Park for $186,000.
Adelaide had 47 auctions and 20 sales totaling $9.9 million. Brisbane had 39 auctions and 11 sales totaling $4.8 million.
Australian Property Journal
