This weekend’s auctions in Melbourne recorded a 75 percent clearance rate. A total of 612 properties were sold, 811 were reported and 995 were listed with a median price of $816,000.
In Victoria, a 76 percent clearance rate was recorded this weekend. A total of 944 auctions were reported to the Real Estate Institute of Victoria (REIV) with 716 selling and 228 being passed in. Of those passed in, 108 were on a vendor bid.
This weekend, a total of 581 properties were sold during auctions across the state, 133 were sold before auction and 2 after auction. On the other hand, 228 were passed in and 108 were passed in on vendor’s bid.
In terms of private sales, there were 378 with a total volume of $233.38 million. A total of 659 houses, 266 flats/apartments and 17 vacant land were auctioned.
This year alone, an estimated $18 billion worth of property has been sold through auctions. This figure is up by 29 percent from the same time last year.
12 Stowe Avenue Greensborough
Auctioneer Darren Pearce led the auction with a crowd of 65. The quoted price range was $500,000 to $550,000. The auction had an opening bid of $540,000 and the property was declared on the market at $651,000. This is $100,000 over the top of the quote range. Blatant underquoting!
The property sold for $661,000.
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
