Weekly Auction & Sales Results, Market Overview
The clearance rate from this weekend’s 488 auctions was 85 per cent, a strong result that is consistent with the year-to-date clearance rate of 85 per cent.
It is interesting that in two out of the last three years, demand and results from residential auctions have improved in the two months after Easter; the only exception was in 2008, when demand cooled as a result of oversupply and interest rates. There is no indication of any softening of demand this year.
This weekend last year was Easter, so results are not really comparable – and on this weekend in 2008 there were 605 auctions and a clearance rate of 63 per cent.
There were 488 auctions reported this weekend, of which 324 sold and 75 were passed in, 42 of those passed in on a vendors bid. There were 855 private sales reported.
Compared to the last few years, listings for the next few weeks are very strong, nearly double what they were this time last year. Buyers have choice but will face competition.
Common perception may be for buyers’ interest to cool off in the face of projected interest rate increases, however that perception does not take into account the underlying factors driving the market – a significant gap between the housing needs of our growing population and our ability to provide them the homes they need to live in.
TOTAL AUCTIONS
This week: 488
Last weekend: 42
This time last year: 68
S Sold at Auction: 324
SB Sold before Auction: 86
SA Sold after Auction: 3
Passed in: 75
Passed in on vendor’s bid: 42
Clearance rate: 85%
Postponed: 1
Withdrawn: 0
PS Private Sales: 855
Total Volume (Auctions): $272.42mil
Total Volume (Private Sales): $421.45mil
Total Auctions Houses: 290
Clearance Rate: 83%
Median Price: $641,000
Total Value: $172,434,500
Total Auctions Flats/Apartments: 188
Clearance Rate: 87%
Median Price: $530,000
Total Value: $96,030,000
Total Auctions Vacant Land: 10
Clearance Rate: 90%
Median Price: $267,500
Total Value: $3,953,100
House Sales in Detail
TOP 5 HOUSES
1. 16 Muir Street, Hawthorn $2,405,000
2. 5 Aristines Place, Sorrento $1,800,000
3. 92 Ruskin Street, Elwood $1,400,000
4. 52 Campbell Street, Coburg $1,360,000
5. 321 Wattletree Road, Malvern East $1,341,000
TOP 5 BARGAIN HOUSES
1. 10 Kingston Rule Street, Kurunjang $286,000
2. 12 Allendale Court, Meadow Heights $310,500
3. 3 Mellowood Court, Carrum Downs $312,000
4. 32 Lambeth Street, Kings Park $321,000
5. 16 Sturrock Court, Altona Meadows $323,000
Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 131 Canterbury Road, Toorak $1,750,000
2. 3/14-16 Yarra Street, Williamstown $1,500,000
3. 20/39 Esplanade East , Port Melbourne $1,175,000
4. 19 Relowe Crescent, Balwyn $1,100,000
5. 41/60 Flinders Street, Melbourne $1,065,000
TOP 5 BARGAIN APARTMENTS
1. 27/145 Canterbury Road, Toorak $205,000
2. 3/45 Marion Street, Altona North $220,500
3. 5/4 Roberts Street, Noble Park $241,000
4. 3/5 Govan Street, Footscray $246,000
5. 1/74 King William Street, Reservoir $262,000
If interested in learning more about this update please contact me today!
Tags: Auction, auction sales, cent, clearance rate, Houses, median price, oversupply, private sales, total, Value
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