Melbourne Inner City Real Estate Blog

Auctions Sizzle

dinglepartners — Mon, 01 Mar 2010 01:34:10 +0000

Auctions set a sizzling pace – The Age

MARIKA DOBBIN

March 1, 2010

MELBOURNE’S auction market is white hot. There have been few weekends in property to match the one just gone.

Eighty-seven per cent of homes sold under the hammer, up there with the best result for sellers in years, according to the Real Estate Institute of Victoria

Of course, the clearance rate means little without taking the volume of stock into account and that was also exceptional. It was one of the largest auction offerings of recent times.

The resulting $1 billion in total sales will no doubt be further evidence for some observers that Australia’s market is headed for a US-style price crash.

Others will see the property bandwagon as only just gaining pace. Get aboard now or be left behind eating dust.

But those arguing at the extremes should be cautious about the numbers. It is worth remembering that auction trends are only an indicator for a section of Melbourne’s overall property market.

Most transactions are private sales, about half of which are not reported to research companies.

The $1 billion ceiling is not real. It has certainly been breached several times before, it is just the REIV did not have all the data.

And while the 967 auctions held on the weekend seems like a lot, it is just a fragment of what is on offer. Real estate franchise Stockdale & Leggo alone has about 5000 homes listed for sale. It is just one group.

Chief executive officer Peter Thomas said auctions really only indicated what was happening ”this side of Warrigal Road”, in inner and middle Melbourne suburbs.

In outer suburbs such as Melton or Werribee in the west, only about 10 per cent of homes are sold through auction. ”We are not seeing the same heat of demand and price in the outer suburbs,” he said. ”The heat filters as it moves out, and it is further diluted by the vacant land and new estates coming on line.”

So the weekend’s auction results really only indicate that demand and supply are way out of whack in those suburbs where most people want to live or invest.

And while the numbers are record-breaking, the feeding frenzy was predictable after exuberant competition before Christmas reduced affordability in those specified suburbs.

The weekend confirmed sky-high levels of unsatisfied demand left over from last year and more people keen to buy in.

Sales between Labour Day and Easter will reveal more about whether the surge of buyers is sustainable this year.

However, some conclusions can be drawn from the weekend.

First, the rebound is spread evenly across most price sectors in those inner and middle suburbs.

Homes over $1 million are as sought after as those under $500,000. Eight bidders vied on Saturday for an unrenovated St Kilda East mansion that sold for $4.1 million.

Buyers’ advocate Mal James said there was a top-end buyer for almost everything on sale this weekend, with about two buyers at each auction who wanted to buy but could not. ”On this fact alone prices will continue to rise in the foreseeable future,” he said.

Second, with the clearance rate for units outperforming houses at the weekend, investors are back in the market. They took a break in 2008 and much of 2009, but are the force behind price surge.

They have much more buying power and are a larger group than the first home buyers who propelled the market in the first half of last year.

The baton-change from first home buyers to investors follows a familiar pattern in the economic cycle, a pattern evident in market rallies after the financial downturns of 2001 and 1987.

Matthew Armstrong, of Properly Planners Australia, said buyers’ interest in property was always renewed after the economy faltered, sharemarket crashed and interest rates fell, as they did in the latest financial crisis.

”The first sign of a rebound is when first home buyers come back because affordability has returned,” he said. ”Once confidence in the economy returns, so do investors and that’s when property prices really begin to take off.”

He predicts investors will continue to buy in and push up prices this year until interest rate rises start to bite. Then he predicts the market will cool.

His perspective is backed by ABS data that shows a corresponding dip in mortgage lending after the last two interest rate raises.

It will be interesting to see what impact the Reserve Bank’s decision this week on rates will have when Melbourne’ auction market returns after the Labour Day break.

Luxury Home Sales Hel Drive Real Estate Market – The Age 28/01/2010

dinglepartners — Fri, 29 Jan 2010 02:55:32 +0000

A revival in sales of luxury homes has helped drive nationwide house prices to their biggest annual gain in six years, with all but Perth among the capital cities to end 2009 at record highs.

After posting a 4.8 per cent gain in the December quarter, average prices nationwide clocked up an average increase of 12.1 per cent in 2009, Australian Property Monitors said.

“While the First Home Buyer sector kept the overall market afloat through the end of 2008 and the first quarter of 2009, it’s been the activity at the top end of the market that has driven the extraordinary overall result for 2009,” said APM economist Matthew Bell.

“Activity in the more expensive suburbs has been driven by the surprisingly resilient jobs market experienced in late 2009 and a strongly rising share market,” Mr Bell said. APM is owned by Fairfax Media, publisher of this site.

Melbourne houses recorded the highest annual growth rate among the state capitals, leaping 18.5 per cent to exceed the half-million dollar mark for the first time. Big gains for suburbs led by East Melbourne, Black Rock and Malvern, as well as north-suburban Dallas, helped the city notch up a 6.4 per cent increase in the December quarter alone, to leave the median price at $517,756 by year’s end.

Sydney house prices jumped by 12.1 per cent for the year, to an average of $595,745. For the final three months of 2009, they advanced 5.3 per cent, with suburbs such as Sylvania Waters, Taren Point, Palm Beach and Malabar the top gainers.

Median house prices in the December quarter in Sydney, Brisbane, and Adelaide overtook highs previously reached prior to the global financial crisis, Mr Bell said.

“The price growth seen in the more expensive suburbs in 2009 has largely been a recovery of the price falls that occurred since late 2007 and early 2008,” he said.

Brisbane houses rose 7.7 per cent in the year and 3 per cent in the quarter, APM said.

In Canberra, the annual increase was 10.6 per cent, while the quarter increase was 4.3 per cent.

Prices to moderate

Perth’s houses rose 8.7 per cent in price for the year, catapulting their median price back over the half-a-million dollar level they were last at in March 2008. They rose to a median of $512,178, with a 3.1 per cent quarterly rise at the end of last year.

Those gains left the median Perth house price just shy of the $515,452 high reached in the December 2007 quarter, APM data shows.

Mr Bell said that rising interest rates and the end of the First Home Owner grant boost in December will probably slow activity in the market. He told Reuters that prices may rise 8 to 10 per cent in 2010, as homeowners upgrade their residences.

“It would’ve been a lot of people who sold into the relatively strong first-time home buyer market and maybe move into the next price bracket. So I think upgraders and investors will become a bigger part of the market as 2010 goes on,” Mr Bell said.

The Reserve Bank lifted rates an unprecedented three consecutive months at the end of 2009 to a 3.75 per cent level. It’s expected to raise rates again – to 4 per cent – when its board meets next week.

“The recovery of top-end prices to pre-GFC levels means that median price growth is likely to moderate across all sectors of the market in the first half of 2010″, Mr Bell said.

Affordability

The market may be rising but gains are far from even, said Nomura International economist Stephen Roberts.

”Property prices are the hardest things to measure consistently from one quarter to the next,” he said. ”One issue with the way house prices moved through 2009 is that you have different parts of the market starting to move.”

At the beginning of 2009, homes at the bottom of the market were in greater demand, spurred by the First Home Owners Grant boost, while sales of higher priced homes sagged.

Now that the grant boost has been removed and interest rates are rising, the momentum has switched to higher priced real estate, which is pushing up the overall figures in the home price data, Mr Roberts said.

Wealthier suburbs have helped by the recovery on the global equities market, generating more confidence among buyers, as well as a flood of international investors in recent months.

Mr Roberts warned that if home prices rise too far above wages and incomes “you can actually divide the population into those who still can afford housing and those who can’t.”

”So it can lead to greater divisions in society when you have house prices that move too far.

A separate report released from Demographia over the weekend highlighted the declining affordability of Australian real estate.

The anti-planning group’s Sixth International Housing Affordability Survey showed the median income household in Australia would need to pay more than half of its income to service a new mortgage on a median priced Sydney or Melbourne home.

That compares with less than 20 per cent in the land-locked American metro areas of Dallas-Fort Worth and Atlanta.

“The severe unaffordability of Sydney and Melbourne is, in fact, a problem of national proportions,” the report said.

“In all of Australia’s major markets, a median income household with a new loan on a median-priced house would have housing expenses that are higher than the national standard for ‘mortgage stress,”‘ it said.

Additionally, about one-third of renters face higher housing costs because the price of land is driven higher, the group said.

Other recent measures also point to deteriorating housing affordability.

The Housing Industry Association affordability index dropped 3.3 per cent in the September quarter, after a 5 per cent drop in June.

A new record Melbourne median house price: $540,500

dinglepartners — Mon, 25 Jan 2010 00:12:28 +0000

The REIV December quarter Property Update has revealed a new record high median house price of $540,500, an increase of 15 per cent from $470,000 in the September quarter.

REIV CEO Enzo Raimondo said that it was the largest increase in the median house price since the REIV started keeping quarterly records.

“In the December quarter of 2000 the median house price increased by 14.9 per cent and by 12.4 per cent in December quarter of 2007, compared to 15 per cent in the 2009 December quarter.

“The combination of a better than expected economic conditions and strong population growth has resulted in an unprecedented level of pressure on housing costs in Melbourne.

“The city’s population is increasing by around 1,700 people per week and unfortunately housing construction has not responded as quickly as would be necessary to ease the pressure in the market.

“The level of confidence in the market is apparent from the number of homes being bought and sold; the REIV has recorded an increase of 22 per cent since the 2008 December quarter.

“This is highlighted by the strong growth in the middle of the market. The largest increases in median prices have occurred for homes priced between $500,000 and $900,000.

“Burwood recorded the largest increase – 23.1 per cent – as the median increased from $658,000 to $810,000. It was followed by Ringwood, with a 16.2 per cent increase; Mount Evelyn, whose median increased by 16.1 per cent, and Brunswick, which now has a median of $724,250 after a 15.2 per cent increase.

“Prices paid for units and apartments have also increased substantially, with a 7.6 per cent increase in the median from $410,000 in the September quarter to $441,000 in this quarter.

“The suburbs with the largest increases in median price for units and apartments were East Melbourne, followed by Port Melbourne, Armadale, Caulfield North and Northcote.

“House prices increased in key centres in regional Victoria as well. The median house price in the City of Ballarat increased by 7.3 per cent to $265,000; in Greater Bendigo by 4.3 per cent to $261,000; and in Greater Geelong by 4.4 per cent to $342,000,” Mr Raimondo concluded.

The Year It was 2009

dinglepartners — Mon, 04 Jan 2010 06:50:22 +0000

The REIV has released results of 2009 property market, revealing the suburb in highest demand, the suburb with the most sales and the street with the most sales.

REIV CEO Enzo Raimondo said that the second half of the year has been characterised by strong demand for residential property driven by an improving economy, increasing population, low interest rates and financial assistance for first home buyers.

“Over the last six months all the factors that are required for a strong property market were present in Melbourne. This has resulted in suburbs right across the price ranges experiencing strong demand and significant increases in price.

“The Victorian economy is performing well, population is growing and there is good confidence about the future, factors which will ensure the 2010 property market commences on a solid base.

“Strong demand has been recorded in both affordable and expensive suburbs, ensuring that many vendors have achieved very good results, a trend that the REIV expects to see continue in 2010 due to population growth and the constraints on supply.

“Financial assistance for first home buyers of established homes will drop by $3,500 on December 31; however, unlike interest rate increases, this will not have a significant impact on demand due to the overall strength of the market and the fact the assistance is not totally disappearing,” Mr Raimondo concluded.

Property market key statistics

· 22,586 auctions held; 81 per cent clearance rate, compared to 63 per cent last year

· 18,364 sold at auction – totalling $12.1 billion

· 20 per cent more homes sold than in 2008, but still 10 per cent less than in 2007

· A peak clearance rate of 87 per cent reached on the 27–28 June

· The greatest number of homes sold at auction on one weekend was 867, on 12–13 December

· Rental vacancy rate for Melbourne between 1.2 and 1.5 per cent over the year

Top five streets for sales in 2009

· St Kilda Rd, Melbourne:197 sales

· Nepean Hwy, Frankston: 102 sales

· City Rd, Southbank: 97 sales

· Kavanagh St, Southbank: 73 sales

· Queens Rd, Melbourne: 70 sales

Top five suburbs for all sales

· Reservoir: 1229 sales

· Richmond: 1102 sales

· Frankston: 977 sales

· Melbourne: 963 sales

· St Kilda: 896 sales

Five suburbs with highest number of auction sales

· Richmond: 432 auction sales

· Reservoir: 385 auction sales

· St Kilda: 301 auction sales

· Glen Iris: 293 auction sales

· South Yarra: 271 auction sales

Five suburbs with highest increase in median price (all dwellings) 2009 compared to 2008

· East Melbourne: 41 per cent increase in median

· Eaglemont: 29 per cent increase in median

· Dallas: 27 per cent increase in median

· Toorak: 21 per cent increase in median

· Footscray: 20 per cent increase in median

Auction results – 19th and 20th December – 83%

dinglepartners — Mon, 21 Dec 2009 00:53:55 +0000

This weekend’s auctions continued the well-established trend of strong demand and good results over the last 8 months with a clearance rate of 83 per cent recorded from the 629 reported results.

There were a total of 520 homes sold at auction and 109 were passed in, 60 of which were passed in on a vendor’s bid.

This weekend’s sales effectively brings to an end the year for residential property sales and 2009 will be looked back on as a very strong one, second only to 2007.

A straw poll of estate agents on Saturday showed a high level of confidence for 2010 with 26 per cent responding that the next 6 months would be stronger than the last six and 61 per cent thought it would be the same. There were 109 responses.

The overall clearance rate will be 81 per cent from just over 22,570 residential auctions. The total value of residential auction sales will be just over $12.1B compared to $10.2B in 2008.

Enzo Raimondo
CEO REIV

TOTAL AUCTIONS
This week: 629
Yesterday: 10
Last Sunday: 42
This weekend last month: 739
This weekend last year: 258

S Sold at Auction: 405
SB Sold before Auction: 108
SA Sold after Auction: 7

Passed in: 109
Passed in on vendor’s bid: 60

Clearance rate: 83%

Postponed: 2
Withdrawn: 0
Auctions with no result: 51

PS Private Sales: 778

Total Volume (Auctions): $320.27mil
Total Volume (Private Sales): $351.76mil

Total Auctions Houses: 418
Clearance Rate: 82%
Median Price: $597,750

Total Auctions Flats/Apartments: 199
Clearance Rate: 84%
Median Price: $475,750

Total Auctions Vacant Land: 12
Clearance Rate: 92%
Median Price: $300,000

House Sales in Detail
TOP 5 HOUSES
1. 55 King Street, Essendon $2,100,000
2. 28 Winter Street, Malvern $1,915,000
3. 9 Milfay Avenue, Kew $1,800,000
4. 41 Christowel Street, Camberwell $1,780,000
5. 17 Holroyd Street, Kew $1,650,000
TOP 5 BARGAIN HOUSES
1. 12 Augusta Court, Skye $240,500
2. 4 Cherry Grove, Doveton $247,000
3. 23 Banksia Place, Meadow Heights $257,000
4. 23 Merrijig Crescent, Doreen $294,000
5. 12 Rosemary Court, Campbellfield $300,000

Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 101 Normanby Road, Kew $1,690,000
2. 1/7 Hood Street, Hampton $1,442,000
3. 25 Atkinson Close, Prahran $1,280,000
4. 21/102 Jollimont Road, East Melbourne $1,200,000
5. 19A Richmond Terrace, Richmond $1,001,000
TOP 5 BARGAIN APARTMENTS
1. 1/52A Forrest Street, Albion $218,000
2. 6/131 Glen Huntly Road, Elwood $225,150
3. 11/854 Pascoe Vale Road, Glenroy $238,000
4. 11/446 Albion Street, Brunswick West $240,000
5. 4/202A Pascoe Vale Road, Essendon $250,000

Auction results 12th and 13th December 2009 – 81%

dinglepartners — Mon, 14 Dec 2009 00:16:43 +0000

In a pleasing weekend for home sellers, demand held strong despite what was expected to be the busiest weekend for auctions this year.

This has been the trend over the last eight months. Week in week out demand has held strong, competition between bidders has been high and good results have been achieved.

The clearance rate this weekend was 81 per cent, the 30th time it has been 80 per cent or more in the past 31 weeks.

There were a total of 1057 auction results reported this weekend, of which a total of 859 sold and 198 were passed in, 119 of those on a vendors bid.

The total volume in dollar terms was $963.62 million, of those $600.34 million were recorded in auction sales alone.

There were 724 private sales reported.

The last auction weekend of the year will see nearly 600 auctions next weekend.

TOTAL AUCTIONS

This week: 1057
Last weekend: 876
This time last year: 659

S Sold at Auction: 706
SB Sold before Auction: 146
SA Sold after Auction: 7

Passed in: 198
Passed in on vendor’s bid: 119

Clearance rate: 81%

Postponed: 0
Withdrawn: 0
Auctions with no result: 92

PS Private Sales: 724

Total Volume (Auctions): $600.34mil
Total Volume (Private Sales): $363.28mil

Total Auctions Houses: 686
Clearance Rate: 81%
Median Price: $655,000

Total Auctions Flats/Apartments: 346
Clearance Rate: 83%
Median Price: $500,000

Total Auctions Vacant Land: 23
Clearance Rate: 70%
Median Price: $527,500

House Sales in Detail
TOP 5 HOUSES
1. 23 Albert Street, Brighton $2,750,000
2. 67 Bowen Street, Camberwell $2,410,000
3. 24 Christowel Street, Camberwell $2,305,000
4. 16 Wellington Street, Brighton $2,300,000
5. 3 Rubens Grove, Canterbury $2,070,000

TOP 5 BARGAIN HOUSES
1. 14 Lincoln Way, Melton West $188,500
2. 9 Phillip Street, Melton South $236,000
3. 586 High Street, Melton West $266,000
4. 25 Glenrobe Street, Deer Park $270,000
5. 79 O’Neills Road, Melton $270,000

Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 3702/90 Lorimer Street, Docklands $1,580,000
2. 73 Victoria Street, Williamstown $1,480,000
3. 74 Spray Street, Elwood $1,440,000
4. 870 Hampton Street, Brighton $1,210,000
5. 4/404 Toorak Road, Toorak $1,200,000
TOP 5 BARGAIN APARTMENTS
1. 16/1 Acland Street, St Kilda $209,000
2. 8/27 The Grove , Coburg $212,000
3. 4/46 Kingsville Street, Kingsville $230,000
4. 4/230 Ascot Vale Road, Ascot Vale $239,500
5. 9/556 Moreland Road, Brunswick West $250,000

Big auction weekend to wrap up 2009

dinglepartners — Fri, 11 Dec 2009 05:42:10 +0000

The REIV expects a new record to be set in this weekend’s residential property market with a billion dollars worth of homes expected to be sold.

REIV CEO Enzo Raimondo said that there were 1095 auctions this weekend – an increase on a fortnight ago when 1050 homes were auctioned.

“Two weeks ago a record number of auctions for the year were conducted and this weekend we expect a new record.

“Not only will there be more auctions than any weekend since the 19th and 20th of April 2008 but we are on track to record a billion dollars worth of sales for the first time.

“The combined total of auction sales and private sales reported to the REIV on the 28th and 29th of November was $949M, a result which surpassed the previous high of $948M on the 27th and 28th of October 2007.

“Results have shown that in the lead up to Christmas demand for residential property is proving to be very strong. This demand is being driven by a couple of factors, a healthy economy, high confidence levels and a population that is growing at around 1,700 people per week.

“As we head into 2010 it is clear that the supply of housing needs to be increased and if it is not there will continue to upwards pressure on house prices and rental costs,” Mr Raimondo concluded.

Auction Results – weekend 5th and 6th December 2009

dinglepartners — Mon, 07 Dec 2009 00:14:08 +0000

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

Reserve Bank Interest Rates – Explained

dinglepartners — Fri, 04 Dec 2009 00:05:14 +0000

With interest rates on the rise, the question on everyone’s minds is where will the Reserve Bank stop? Rates have now risen for three consecutive months and the Reserve Bank is giving few hints that it is ready to pause.

It’s always important to keep in mind that it is the level of interest rates that matter for the economy, not the change in rates. While some borrowers may have been disappointed that rates were lifted again this month, the cash rate is still super low at 3.75 per cent. Before the global financial crisis the lowest that rates had ever fallen was 4.25 per cent. So even with the latest move, the cash rate remains below previous lows.

And the latest rate hike is hardly causing significant pain for Aussie households. The latest information from the Commonwealth Bank, is that over 90 per cent of home loan customers are still ahead in their loan repayments. If any recent borrower is facing hardship with the cash rate at 3.75 per cent, it suggests that they probably shouldn’t have taken out a loan in the first place.

So where will the Reserve Bank stop? The low point for the cash rate in the last interest rate cycle was 4.25 per cent, so the Reserve Bank will probably feel a little more comfortable when rates get to that level. The last thing the Reserve Bank wants is a repeat of the US experience where interest rates stayed too low for too long, resulting in risky lending practices and an ensuing financial crisis.

The generally assumed target for the cash rate is 5 per cent – the supposed ‘neutral’ level of interest rates – a rate that the RBA believes isn’t either stimulating the economy or serving to slow it down. But while 5 per cent may have been an appropriate neutral setting in the past, it is probably too high in the current circumstances.

There are two reasons why the ‘neutral’ rate is closer to 4.5 per cent than 5 per cent. One is the Aussie dollar, currently near US93 cents rather than the long-term average of US70 cents. The stronger dollar is working to slow tourism, manufacturing and export sectors while keeping a cap on inflation. The other reason is interest rate margins. On average over the past 10-15 years the variable housing rate has been around 2 percentage points above the cash rate. Currently that gap is around 2.8 percentage points. If the housing rate rises another 75 basis points it will be back at the decade average. But the cash rate would need to rise another 150 basis points to return to its decade average.

The bottom line is that while interest rates may have still some way to go to get back to normal, the Reserve Bank may be a lot closer to that level than many think.

Auction results 28th and 29th November 2009

dinglepartners — Mon, 30 Nov 2009 05:45:44 +0000

As a result of the substantial increase in the number of auctions held this weekend, the balance shifted slightly back towards buyers with a clearance rate of 78% being recorded.

Due to higher stock levels at this time of the year, it is typical for buyers to have a better opportunity to secure the home of their choice.

There were 1046 auctions reported to the REIV this weekend of which a total 816 sold.

Of the 230 homes passed in, 145 were passed in on a vendors bid.

A total of 751 private sales were reported this week.

There are around 2,500 auctions scheduled on the three remaining weekends before Christmas.

Enzo Raimondo
CEO REIV

TOTAL AUCTIONS

This week: 1046
Last weekend: 739
This time last year: 861

S Sold at Auction: 657
SB Sold before Auction: 155
SA Sold after Auction: 4

Passed in: 230
Passed in on vendor’s bid: 145

Clearance rate: 78%

Postponed: 2
Withdrawn: 2
Auctions with no result: 85

PS Private Sales: 751

Total Volume (Auctions): $612.56mil
Total Volume (Private Sales): $330.43mil

Total Auctions Houses: 722
Clearance Rate: 78%
Median Price: $722,000

Total Auctions Flats/Apartments: 297
Clearance Rate: 77%
Median Price: $502,250

Total Auctions Vacant Land: 26
Clearance Rate: 81%
Median Price: $566,000

House Sales in Detail
TOP 5 HOUSES
1. 34 Ferrars Place, South Melbourne $4,710,000
2. 14 Riversdale Court, Hawthorn $4,440,000
3. 44 St Georges Road, Toorak $2,710,000
4. 8 Glen Drive, Eaglemont $2,710,000
5. 111 Hyslops Road, Main Ridge $2,500,000

TOP 5 BARGAIN HOUSES
1. 74 Hilton Way, Melton West $236,500
2. 67 Karingal Drive, Frankston $250,000
3. 30 Dudley Street, Belmont $253,000
4. 27 Carrington Avenue, Seaford $290,000
5. 108 Rokewood Crescent, Meadow Heights $294,000

Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 24 Northcote Road, Armadale $2,520,000
2. 33 St Georges Road, Toorak $1,850,000
3. 30 Wave Street, Elwood $1,755,000
4. 3/11 Monomeath Avenue, Toorak $1,300,000
5. 14A Devorgilla Avenue, Toorak $1,250,000

TOP 5 BARGAIN APARTMENTS
1. 3/47 Collins Street, Geelong West $201,000
2. 7/33 Eldridge Street, Footscray $204,000
3. 10/5-7 Brindisi Street, Mentone $242,000
4. 8/99 Melbourne Road, Williamstown $250,000
5. 5/222 Gordon Street, Footscray $255,000