The clearance rate dropped to 75% over the weekend as a result of the increase in properties on the market. 1,116 auctions were reported to the REIV on the weekend with 600 selling at auction, 273 before auction, 1 after auction, 292 passed in and there were an addition 248 private sales. Last week’s final results were 1,369 auctions producing a 79% clearance rate.
The current increase in properties has resulted in some hope for buyers that we are entering a more ‘balanced’ market where there are more properties on the market to assist balance out the demand. Whilst that is welcoming news to buyers, we are still seeing some properties achieving big prices under solid competition from buyers. We only have a few more weeks of stock levels until it significantly drops as we enter into the holiday period.
A huge auction at 76 Armstrong Street, Middle Park on the weekend which was a fully renovated, four bedroom, three bathroom period home on 650 sqm. The price guide prior to auction was $8,000,000 to $8,800,000 but that was no guide for the bidders with the opening bid being $9,550,000 which was $750,000 above the top end of the range. Two other bidders participated but it was the opening bidder who took home the keys for $9,800,000.
15 Thompson Street, Ormond was another auction that was hotly contested with the five bedroom brick home smashing its price guide of $2,100,000 to $2,300,000. The property does have a unique design but still requires work. It is located within the McKinnon High School zone which also added to the demand for the property. The property sold for $2,880,000 at auction over the weekend.
Have a great week.