26 September 2011
The Clearance Rate reported by the REIV this week was 53%, down slightly on last weeks’ revised clearance rate of 55%. A total of 628 properties were scheduled for auction over the weekend and 335 of those found new owners. 58 of those, or 17%, sold before auction indicating vendors are happy to sell beforehand if the price is right and not risk the uncertainty of an auction. A total of 293 properties were passed in and 66% of those (195) were passed in on a vendor bid.
At the same time last year, there was no clearance rate recorded as it was AFL Grand Final weekend and not enough properties went to auction in order to give an accurate clearance rate. The same applies next weekend, when Collingwood take on Geelong for the 2011 AFL Premiership, as there are only 50 auctions scheduled.
The NPB clearance rate was 66% this week, with 30 out of 45 properties we reviewed selling and 15 passing in. The NPB clearance rate last week was 70%. The lower end of the market, which is properties that sell under $600k, topped the week with 70%. We reviewed 17 properties in this category this week and 12 of those sold and 5 passed in. The middle range category ($600k-1m) had a clearance rate of 66% with 10 of the 15 properties we reviewed selling and the high end came in at 61% with 8 properties selling and 5 passing in from the 13 properties we reviewed.
Auctions in the Spotlight
If you need any help with searching, assessing or negotiating your next property purchase or simply wish to discuss your property buying needs, please don’t hesitate to contact us. Alternatively, you can complete our online Help Us Help You form and we will contact you.
Antony Bucello
[email protected]
0418 131 950