Weekly Auction & Sales Results, Market Overview
Sunday 14 February 2010
Results from this weekends auctions show that demand continues to be very strong with a clearance rate of 85% per cent recorded from 395 reported auctions.
This is the strongest result on this weekend in the past 5 years and highlights the overall lack of supply. Stock levels will increase over the coming weeks - to around 1000 in a fortnight - however there is a underlying issue with the number of homes on offer for sale.
Low stock levels have two impacts, high clearance rates and higher prices as multiple parties compete at auctions.
There were 395 auctions reported, of which 333 sold and 61 were passed in, 34 of those on a vendor’s bid. The REIV also received reports of 785 homes sold by private sale over the week.
TOTAL AUCTIONS
This week: 395
Last weekend: 166
This time last year: 246
S Sold at Auction: 233
SB Sold before Auction: 100
SA Sold after Auction: 1
Passed in: 61
Passed in on vendor’s bid: 34
Clearance rate: 85%
Postponed: 0
Withdrawn: 1
Auctions with no result: 31
PS Private Sales: 785
Total Volume (Auctions): $228.9mil
Total Volume (Private Sales): $334.5mil
Total Auctions Houses: 258
Clearance Rate: 85%
Median Price: $685,000
Total Value: $162,394,900
Total Auctions Flats/Apartments: 122
Clearance Rate: 89%
Median Price: $505,000
Total Value: $62,348,808
Total Auctions Vacant Land: 8
Clearance Rate: 50%
Median Price: $1,148,500
Total Value: $4,159,000
House Sales in Detail
TOP 5 HOUSES
1. 81 Millswyn Street, South Yarra $2,560,000
2. 10 Fairbairn Road, Toorak $2,100,000
3. 304 Richardson Street, Middle Park $1,622,000
4. 9 Fenton Avenue, Kew $1,515,000
5. 44 Staughton Road, Glen Iris $1,450,000
TOP 5 BARGAIN HOUSES
1. 66 Marklin Street, Cranbourne $235,000
2. 104 Scarborough Avenue, Cranbourne $250,000
3. 90 Wilsons Road, Newcomb $257,000
4. 26 Merribah Way, Cranbourne $293,000
5. 4 Grandview Grove, Baxter $294,000
Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 91 & 92/13 Upper Esplanade , St Kilda $2,260,000
2. 2/7 Maher Street, Brighton $1,300,000
3. 5A Newington Lane, Chelsea $1,250,000
4. 93A Fawkner Street, Essendon $1,225,000
5. 2/65 Marine Parade, Elwood $1,150,000
TOP 5 BARGAIN APARTMENTS
1. 3.25/200 Ballarat Road, Footscray $113,000
2. 3/39 Albert Avenue, Springvale $203,000
3. 4/40 Victoria Avenue, Springvale $210,000
4. 1/13 The Robbins , Seabrook $257,000
5. 3/6 Smith Street, Reservoir $270,000
