The residential auction market improved slightly this weekend with the clearance rate reaching 82 per cent compared to 78 per cent last weekend.
The interest rate rise during the week appears to have had little effect on the demand at auctions. This is not a surprise as anyone buying or selling today will have either built the increase into their expectations or be committed to the process.
There were 905 auctions reported to the REIV this weekend of which a total of 736 sold and 167 were passed in, 97 of those on a vendors bid.
This weekend’s result will provide vendors over the next two weekends with a high degree of confidence.
There is expected to be a new record number of auctions on next weekend with just under 1100 scheduled followed by just under 600 the weekend before Christmas.
TOTAL AUCTIONS
This week: 905
Last weekend: 996
This time last year: 711
S Sold at Auction: 736
SB Sold before Auction: 139
SA Sold after Auction: 3
Passed in: 167
Passed in on vendor’s bid: 97
Clearance rate: 82%
Postponed: 2
Withdrawn: 0
Auctions with no result: 134
PS Private Sales: 778
Total Volume (Auctions): $518.1mil
Total Volume (Private Sales): $350.67mil
Total Auctions Houses: 597
Clearance Rate: 82%
Median Price: $712,500
Total Auctions Flats/Apartments: 263
Clearance Rate: 83%
Median Price: $482,000
Total Auctions Vacant Land: 11
Clearance Rate: 91%
Median Price: $275,000
House Sales in Detail
TOP 5 HOUSES
1. 177 Kooyong Road, Toorak $6,190,000
2. 36 Canterbury Road, Middle Park $3,825,000
3. 29-31 Rowell Avenue, Camberwell $3,755,000
4. 79 Warrigal Road, Surrey Hills $3,500,000
5. 66 Gordon Street, Balwyn $3,300,000
TOP 5 BARGAIN HOUSES
1. 48 Coburns Road, Melton South $185,000
2. 3 Richard Road, Melton South $225,000
3. 29 Bernard Drive, Melton South $238,000
4. 22 Oxley Street, Sunbury $255,000
5. 3 Cawood Drive, Sunshine West $279,000
Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 8 Stanley Street, Black Rock $1,525,000
2. 16 St Andrews Court, Black Rock $1,235,000
3. 2/21 Fairholm Grove, Camberwell $990,000
4. 3 Green Street, Richmond $920,000
5. 2/122 Anderson Street, South Yarra $905,000
TOP 5 BARGAIN APARTMENTS
1. 15/163 Murrumbeena Road, Murrumbeena $270,500
2. 4/883 Park Street, Brunswick West $280,000
3. 5/440 Albion Street, Brunswick $285,000
4. 2/3 David Court, Cheltenham $296,000
5. 1/21 Grice Crescent, Essendon $300,000
Tags: Auction results, Melbourne CBD Real Estate, Melbourne house prices, Melbourne real estate
