Melbourne’s auction market on Saturday recorded a clearance rate of 74 percent. As expected, this rate is lower than last weekend’s 79 percent although the number of scheduled auctions was up at 944 compared to last Saturday’s 50.
With regards to the number of reported auctions, there was a total of 667. Of that number, 503 properties were sold and 10 were withdrawn. Total sales amounted to more than $353,517,000. The median price recorded went up to $750,000 from last week’s $718,500.
In terms of areas, Melbourne’s west was the top region for auctions this weekend with 217 property listings. Following behind were the north east with 146, outer east with 108, the north with 106, inner city with 96, inner south with 88, south east with 70 and the inner east with 64.
The Domain Group reported that the most popular suburb for auctions was Reservoir. This means the suburb had the most number of searches for properties. Next in line were Craigieburn, Sunbury, Epping, Croydon and Werribee.
On Tuesday, the Reserve Bank decided to maintain the current interest rate of 1.50 percent. This is the 14th month that the rate had been kept on hold. The low interest rates have been a major factor in Melbourne’s strong house price growth in recent years.
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 2017 | 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 Buyers Advocate gives her buyers an experienced voice they can trust when it comes to negotiating to purchase something as important as their new home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.FollowWendy.com for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.