Melbourne’s auction clearance rate remained consistent over the weekend with 934 auctions reported achieving a clearance rate of 81%. 760 properties sold, 174 passed in and there were an additional 193 private sales.
The consistent high auction weekends have bought more choice to keen buyers which has resulted in a more balanced market for buyers and sellers. The fierce panic in the market seems to have faded with more buyers willing to wait until their ideal property comes onto the market. That being said, many properties are still selling well but with less bidders per property and fewer run away results than we were experiencing a couple of months ago.
One of the last remaining large parcels of land went to auction in Box Hill on the weekend. The block was 1,632 sqm and was quoted conservatively for $3,000,000 to $3,300,000 prior to auction. Four bidders pushed the property well passed this where it was announced on the market at $3,725,000 and sold for $4,062,000.
A house in Spotswood had huge competition at auction with an advertised vendor’s reserve prior to auction of $950,000. The house flew past this price within two bids with a mix of buyers from investors, first home buyers, families and downsizers trying to secure the home. The property sold for $1,200,000.
Have a great week.