This article is from the Australian Property Journal archive
THE Melbourne residential auction market clearance rate has continued to slip, falling to 65% last weekend, according to the REIV.
There were 827 auctions and 540 sales reported whilst 287 properties passed in, 178 of those on a vendors bid. This is contrast to the same weekend last year where 451 properties went under the hammer and the clearance rate was 87%.
Last weekend, the total value of properties sold at auction was $388.89 million.
There were 576 private home sales totaling $278.49 million.
REIV president Enzo Raimondo said the low clearance rate shows the impact of high stock levels throughout June. But he added that July will offer lower number of homes offered for auction, around 550-600 per weekend.
The REIV expects stocks to moderate with 590 auctions next weekend.
Meanwhile independent data from Australian Property Monitors’ Home Price Guide shows Sydney had 556 auctions and 187 sales resulting in a higher clearance rate of 58.6% – compared to 251 auctions and 166 sales representing a clearance rate of 70.9% in the same weekend last year.
The total value of properties sold was $146.1 million – down from the previous weekend result of $208.8 million.
Australian Property Journal
