This weekend’s auction recorded a clearance rate of 76 percent compared to last weekend’s 74 percent. A total of 597 auctions were reported to the Real Estate Institute of Victoria (REIV) with 456 selling and 141 being passed in. Of the total passed in, 65 were on a vendor bid. The total number of auctions was also lower by 45 compared to last weekend’s figure.
Meanwhile, 97 properties were sold prior to auction and 359 were sold during auction.
The number of private sales recorded was 384 with a total volume of $216.36 million while a total of 209 flats/apartments were auctioned with a median price of $597,000. For vacant land, 9 were auctioned this weekend with a median price of $378,000.
The median house price for auctions in Melbourne went up by 3.1 percent in June this year.
2/10 Mountain Crescent Mulgrave
Auctioneer was Andrew Davies from Ray White Glen Waverley. 60 people were in attendance on a sunny but crisp winter morning. Quote range was $500,000 to $550,000 with an opening bid of $450K and the property declared on the market at $585,000. There were four bidders in total, with two tussling it out until it finally sold at $666,000.
On the Market $230,000 Over the Quote Range
44 Leeds Road Mount Waverley
Auctioneer was Mark Brown from Stockdale & Leggo Mount Waverley. Over 120 people in attendance enjoying a coffee from Sandi, the Purrfect Cuppa Mobile Cafe, thanks to Bank of Melbourne. Quote was $900,000+ for a dated house on 758sqm of land with an opening bid of $1M. Many bids later, the property was declared on the market at $1,220,000 ($230,000 over the quote range) and finally sold after many bids from over 5 bidders for $1,322,000.
I also attended the Ray White Manningham in room auction on Tuesday 14th July 2015. 10 properties were up for sale, under the gavel of Jeremy Tyrell with 200 people attending on a cold, wet Melbourne winter night. There was spirited bidding on some properties, with lack lustre performance from others. One property had been sold prior to the night.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less. Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2015 | All Rights Reserved
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a
