Auction sales have dropped off slightly this week with a clearance rate of 73% recorded in Melbourne, although buyers have more choice. There were 932 auctions held, with 681 selling, and 251 being passed in, 127 of those on a vendor bid. In addition to the auctions, there were also 370 private sales recorded over the weekend.
Consistency is still found in the inner suburbs with good access to public transport and other infrastructure, where A-grade properties receive solid competition. Properties which are either ‘move right in’ or ‘potential development sites’ have been selling strongly in these areas; but units have not received the same kind of demand.
One factor that might be affecting clearance rates is the trend of having many of the properties in the outer suburbs now switching to being put up for auction.
The Real Estate Institute of Victoria [REIV] reported the median house price data showing that in the September quarter, the city’s $649,000 median house price remained the same as at the end of the financial year, however the median apartment price was up slightly to $503,000.
For those of you who are not aware, we are excited to be attending the REIV Awards for Excellence this Thursday 23rd October. Our very own Kim Easterbrook has been announced as a finalist for Buyer’s Agent of the Year. Thanks to everyone who has liked and commented with support on our Facebook Page too, it means a lot.
Next weekend there is a record 1515 metro area auctions scheduled. A VERY busy week ahead!