Another strong clearance rate achieved this weekend demonstrates buyer confidence in the residential property market. It has been some while since we have seen clearance rates consecutively this high and there is some speculation as to how long this trend will continue for. Is it a blip in the market or is it sustainable activity that can be maintained in the future? I am cautious to predict the future of the property market, but one thing I can strongly suggest, is that anyone who is considering putting their home on the market should consider the assurity of today VS crystal ball gazing and a fingers crossed strategy for the future.
This weekend the REIV reported:
The four weeks until today has seen a greater number of reported sales – auction and private sale – than the corresponding four weeks in 2007, a clear sign that the Melbourne residential property market is strong and buyers are confident.
The clearance rate was 87 per cent this weekend from a total of 450 reported auctions, this is the seventh time in a row above 80 per cent.
There were 390 homes sold by auction today and 60 passed in, of which 37 were passed in on a vendors bid.
With just under 300 homes scheduled for auction next weekend competition will be high.
TOTAL AUCTIONS
This week: 450
Last weekend: 540
This weekend last year: 477
S Sold at Auction: 301
SB Sold before Auction: 87
SA Sold after Auction: 2
Passed in: 60
Passed in on vendor’s bid: 37
Clearance rate: 87%
Postponed: 0
Withdrawn: 0
Auctions with no result: 31
Total Volume (Private Sales): $308.06mil
Clearance Rate: 87%
Median Price: $642,000
Clearance Rate: 87%
Median Price: $504,000
Clearance Rate: 71%
Median Price: $290,000
1. 64 Hopetoun Road, Toorak $7,075,000
2. 428-430 Tooronga Road, Hawthorn East $3,050,000
3. 95 Cochrane Street, Brighton $2,850,000
4. 10 Charles Street, Brunswick $2,580,000
5. 74 Park Street, South Yarra $2,520,000
1. 8 Valerie Drive, Cranbourne $204,000
2. 22 Genoa Way, Cranbourne West $249,500
3. 5 Care Close, Meadow Heights $265,000
4. 3 Yeovil Court, Craigieburn $276,000
5. 7 Stephenson Street, Lara $280,000
1. 34/8 Trenerry Crescent, Abbotsford $1,375,000
2. 25 Thomas Street, Kew $996,000
3. 4&6/16 Victoria Street, Brighton $935,000
4. 2D Warley Road, Malvern East $890,000
5. 5/11 Motherwell Street, South Yarra $860,000
1. 7/121 Anderson Road, Albion $141,000
2. 4/46 Kingsville Street, Kingsville $173,000
3. 23/50 Middle Road, Maribyrnong $195,000
4. 2/7 Tarwin Place, Meadow Heights $227,000
5. 18/45 Woolton Avenue, Thornbury $230,000
Tags: Auction clearance rate, best bargains, best prices achieved, buyer confidence, prices achieved, private sale, property prices, real estate brighton
