Sunday 10 May 2009
Whilst the auction market continues to produce healthy clearance rates in the mid seventies it is the private sale market that is exceeding expectations. This is due to the fact that the median price of a house sold by private sale is lower than those sold at auction indicating that buyers in the middle and affordable segments of the market are dominating residential property sales.
There were 439 auctions reported this weekend of which 256 sold resulting in a clearance rate of 76 per cent. There were 106 homes offered at auction passed in, of which 70 were passed in on a vendors bid.
The REIV is expecting just under 500 auctions next weekend and then just over 500 for the following two weekends.
TOTAL AUCTIONS
This week: 439
Last weekend: 388
This time last year: 642
S Sold at Auction: 256
SB Sold before Auction: 73
SA Sold after Auction: 4
Passed in: 106
Passed in on vendor’s bid: 70 Clearance rate: 76% Postponed: 2
Withdrawn: 1
Auctions with no result: 41 PS Private Sales: 740 Total Volume (Auctions): $216.57mil Total Volume (Private Sales): $291.06mil Total Auctions Houses: 286
Clearance Rate: 76%
Median Price: $607,750 Total Auctions Flats/Apartments: 140
Clearance Rate: 77%
Median Price: $446,750 Total Auctions Vacant Land: 13
Clearance Rate: 69%
Median Price: $386,000 House Sales in Detail
TOP 5 HOUSES
1. 4 Turnbull Avenue, Toorak $2,360,000
2. 4 Blythswood Court, Kew $1,950,000
3. 130 Were Street, Brighton $1,875,000
4. 31 Gipps Street, East Melbourne $1,850,000
5. 10 Elphin Grove, Canterbury $1,700,000 TOP 5 BARGAIN HOUSES
1. 40 Burleigh Road, Melton $195,000
2. 8 Nambet Place, Kurunjang $224,000
3. 10 Hornbuckle Crescent, Melton $242,400
4. 76 Wright Street, Sunshine $252,500
5. 4 Widdy Court, Sunshine West $255,000 Flat/Apartment Sales in Detail
TOP 5 APARTMENTS
1. 3/366 Beach Road, Black Rock $1,600,000
2. 3/545 Toorak Road, Toorak $1,400,000
3. 47/350 Beaconsfield Parade, St Kilda West $1,200,000
4. 4 Bedford Street, Collingwood $1,060,000
5. 22A Lindsay Street, Mckinnon $839,000 TOP 5 BARGAIN APARTMENTS
1. 5/32 Empire Street, Footscray $177,000
2. 15/13 Ormond Road, Footscray West $185,000
3. 1/18 Ranfurlie Circuit, Melton West $215,000
4. 3/13 Lambert Street, Richmond $239,000
5. 9/10 Station Street, Fairfield $250,000
If interested in learning more about this update please contact me today!
Tags: Auction, clearance rate, east melbourne, house, Houses, mid seventies, mil, residential property sales, toorak road, Volume
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