This weekend’s auction in Melbourne achieved a 79 percent clearance rate, higher than last weekend’s 76 percent rate and last year’s 72 percent on the same weekend.
The Real Estate Institute of Victoria (REIV) recorded a total of 609 auctions this 1st of August weekend amounting to $398.35 million. Of the total figure, 480 were selling and 129 being passed in with 61 on a vendor bid.
A total of 88 properties were sold prior to auction while 391 were sold during auction. One property was sold after auction.
For private sales (PS), there were a total of 434 amounting to $249.11 million. For auctions, there were 394 houses listed with an 84 percent auction rate, 207 flats/apartments and nine vacant land. The median price for houses was $861,000 while the median value for flats/apartments was $608,000. The median price for vacant land was $935,500.
This year, Melbourne’s outer suburbs are recording more auctions and attracting more buyers. In particular, three suburbs such as Ringwood, Ferntree Gully and Rye recorded double digit median price increases in the recent quarter.
3 Woodvale Close Essendon
Auctioneer was Paul McDonald from Paul McDonald Real Estate. With a quote range of $900,000-990,000 this neatly presented 3 bedroom home attracted a small crowd of 20 on a chilly winter Saturday. Auctioneer Paul McDonald started with a vendor bid of $850,000 before taking a moment to confer with the vendor. He returned to place another vendor bid of $900,000 and with no interest from those in attendance, the property was passed in. It is now for sale with a reserve of $960,000.
53 Robinson St Moonee Ponds
Milo Rasinac from Nelson Alexander Essendon oversaw proceedings at the auction of this pretty renovated Victorian. Quoting “Up to $1,000,040”, the crowd of 35 were not prepared to take their hands out of their warm coats to place a bid. After going inside to speak with the vendor, one emerging bidder offered $990,000. Having failed to reach the reserve, the property was passed in and is now for sale for $1,000,085.
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
