Melbourne’s auction market recorded a lower clearance rate on Saturday at 65 percent compared to last weekend’s 68 percent. The number of scheduled auctions, however, was still high at 1,715 up from last week’s 1,406.
The number of reported auctions was 1,303 while the total number of properties sold was 863. Total sales recorded was more than $692,640,000 while the median price was $830,000.
With nearly 3,700 auctions in capital cities, CoreLogic said this weekend’s auctions was the busiest of the year. This increased activity is considered normal particularly during the week before Easter.
The volume of auctions in Melbourne this weekend was the highest for the city this year and the second busiest week on record.
Reservoir remains to be the busiest suburb in Melbourne with 39 homes going under the hammer on Saturday. Following behind was Richmond with 31 properties and South Yarra with 27.
In Victoria, 1,920 properties went under the hammer. The Real Estate Institute of Victoria (REIV) said this figure is up by 600 compared to last weekend’s number. The increase is attributed to the fact that it’s the last auction weekend before Easter followed by the school holidays.
With plenty of choices available, REIV president Richard Simpson earlier said Saturday’s auctions would favour buyers.
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By Wendy Chamberlain
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