Super Saturday results lower Melbourne’s Auction Clearance Rate

March 28th, 2018

Another Super Saturday brings a steady clearance rate for the Melbourne property market ahead of the Easter long weekend.

This weekend a clearance rate of 67% was achieved from 1468 auctions. Of those properties, 490 were passed in, 242 of those on a vendor bid. There were also 389 private sales over the past week. Units achieved a 68% clearance rate, and houses resulted in a 66% clearance rate across the city.

Similar auction volumes of 1428 happened on the same weekend last year, however last year’s clearance rate on the same weekend was 81%.

With next weekend’s Easter break, auction activity will be minimal. Our market wrap will return in two weeks. Have a great Easter!

Kind Regards,

The Team at Elite.

 

56 Regent Street, Elsternwick. Sold for $1,950,000 

Four bidders contested this stunning double fronted Victorian three-bedroom home on Saturday. Perfectly positioned just several doors down from the ‘The Block 2017’, the property is conveniently located just 5 minutes’ walk from Elsternwick station, Glenhuntly Rd eateries and elite schools. The auction commenced with a $1.46 million bid, and was announced on the market at $1.77 million. But it was a late bidder who secured the property with a final knockout $10,000 rise after a series of $1,000 offers.

21 Roberts Street, Keilor East. Sold for $1,600,000 

A four-bedroom single-level home delivering an exceptional family lifestyle of luxury and versatility in a sought-after Keilor East pocket had three auction bidders fiercely competing to become the new owners. It was a young family who took the keys after outbidding two other groups. The sale price was $120,000 above the reserve.

 

622 Bridge Road, Richmond. Sold for $1,460,000

Originally the site of the Richmond Racecourse in 1907, this clinker brick English cottage was established in 1941 as part of Richmond’s first housing commission estate. The three-bedroom house received bids from two parties, but it passed in on a $1.425 million vendor bid. The property sold for $10,000 above the reserve shortly after the auction.