Weekly Auction & Sales Results, Market Overview
Sunday May 16th 2010
The clearance rate remained in the mid 70′s this weekend, a very good result given the unseasonably high number of auctions this May. Stock levels are so high that there have only been three months with more auctions, October 2007, December 2007 and 2009, all in spring when around 8-900 auctions over the weekend are a regular feature. In previous years, 2008 being a good example, stock levels increased in autumn and winter due to confidence from vendors, the clearance rate fell to the mid 60′s.
There were a total of 701 auctions reported this weekend of which 529 sold and 172 were passed in, 113 of those on a vendors bid. The clearance rate was 75 per cent. This weekend last year saw 451 auctions and a clearance rate of 83 per cent. This weekend 2008 saw 578 auctions and a clearance rate of 64 per cent.
The REIV expects around 2,600 auctions between now and the Queen’s
Birthday long weekend.
Enzo Raimondo
CEO REIV
TOTAL AUCTIONS
This week: 701
Last weekend: 871
This time last year: 451
S Sold at Auction: 426
SB Sold before Auction: 101
SA Sold after Auction: 2
Passed in: 172
Passed in on vendor’s bid: 113
Clearance rate: 75%
Postponed: 3
Withdrawn: 1
Auctions with no result: 60
PS Private Sales: 594
Total Volume (Auctions): $399.58mil
Total Volume (Private Sales): $276.05mil
Total Auctions Houses: 462
Clearance Rate: 76%
Median Price: $741,500
Total Value: $299,666,290
Total Auctions Flats/Apartments: 222
Clearance Rate: 75%
Median Price: $533,500
Total Value: $92,922,600
Total Auctions Vacant Land: 17
Clearance Rate: 71%
Median Price: $435,000
Total Value: $6,988,500
House Sales in Detail
TOP 5 HOUSES
1. 56 Agnes Street, East Melbourne $3,275,000
2. 7 Haig Street, Balwyn $3,217,000
3. 120 Beach Street, Port Melbourne $2,350,000
4. 7 Church Street, Toorak $2,305,000
5. 81 Caroline Street, South Yarra $2,250,000
TOP 5 BARGAIN HOUSES
1. 36 Welcome Road, Diggers Rest $263,500
2. 8 Yarck Court, Westmeadows $300,000
3. 15 Wollert Street, Rye $313,500
4. 14 Anderson Street, Frankston $327,000
5. 26 Stevenson Avenue, Dandenong North $336,000
Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 319 Highett Street, Richmond $1,492,500
2. 2/1 Marne Street, South Yarra $1,360,000
3. 1/2 Valentine Avenue, Kew $1,235,000
4. 7/82-84 Barkly Street, St Kilda $1,150,000
5. 3/6A St Leonards Avenue, St Kilda $1,100,000
TOP 5 BARGAIN APARTMENTS
1. 512/133 Jolimont Road, East Melbourne $87,000
2. 12/8-12 Bainbridge Avenue, Seaford $230,000
3. 8/550 Moreland Road, Brunswick West $265,000
4. 2/241 Nicholson Street, Abbotsford $291,000
5. 7/1307 Glenhuntly Road, Carnegie $334,000
If interested in learning more about this update please contact me today!
Tags: agnes street, APARTMENTS, autumn and winter, cent, clearance rate, east melbourne, Houses, port melbourne, total, Value
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