The auction market in Melbourne recorded a 72 percent clearance rate on Saturday, up from last weekend’s 66 percent. The number of scheduled auctions, however, fell to 312 from the 1,306 figure last week. The low auction volume was expected owing to the Labour Day long weekend.
The number of reported auctions was 194 while the total number of properties sold was 144. Total sales recorded was more than $83,820,000 while the median price was $660,000.
According to CoreLogic state director for Victoria Geoff White, the recent decrease in volume from a high figure the week prior is proof of a what he termed “balanced market” for both home buyers and sellers. Open for inspections were still held despite the belief of many real estate agents and vendors that fewer buyers take part during auctions on holidays as people travel away from home.
Meanwhile, Melbourne has been included in the top 15 list of the world’s prestige property market price growth. This was based on the Knight Frank’s 2018 Wealth Report. The Prime International Residential Index ranked Melbourne in the 14th place, down from its 12th place in 2017.
Melbourne recorded a 9.8 percent annual price growth. Knight Frank’s Australian head of residential, Sarah Harding said the appetite for prime property in the city remains strong.
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By Wendy Chamberlain
Copyright 2018 | All Rights Reserved
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