Melbourne’s auction market achieved a 66 percent clearance rate on Saturday, an improvement from last weekend’s 61 percent. The number of scheduled auctions also went up to 601 from 25 the previous week.
The number of reported auctions increased to 477 and the total number of properties sold was 333. Total sales recorded was more than $227,562,000 while the median price was $692,000.
According to CoreLogic, although the volume of auctions over the weekend had the most significant increase, the overall activity was lower than the same period last year. It also noted that both clearance rate and auction volumes dropped across Melbourne last week.
In terms of the busiest suburbs, Craigieburn in Victoria was the busiest for auctions. It was also the area with the most sales in the previous week. Following behind Craigieburn was Mount Waverley.
CoreLogic Victorian director Geoff White earlier said the lower clearance rate in the previous weeks was proof that the market was adjusting and it’s not a bad sign. For his part, Wakelin Property Advisory director Paul Nugent described the clearance rates this year as very healthy and balanced for the housing market. He added that this current condition allows people to buy a property with confidence and have many to choose from.
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By Wendy Chamberlain
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