by Antony Bucello
The Melbourne clearance rate this weekend was reported by the REIV as being 55%, up slightly on the performance of last week when the clearance rate was revised to 54%.
A total of 741 properties went up for auction this weekend and 411 of those sold and 330 were passed in. Nearly 70% of the properties that were passed in were passed in on a vendor bid.
At the same time last year, 1127 properties went under the hammer and the REIV reported a clearance rate of 67%.
There are only 445 properties scheduled to go to auction this coming weekend, a lower number due to the Melbourne Cup being held on the following Tuesday. ‘Melbourne Cup weekend’ generally sees a decrease in the number of properties going to auction as many people take the Monday off to go away and enjoy an extra long weekend.
The NPB Clearance Rate for the week was 69%, up 2% from last week when the NPB clearance rate was recorded at 67%. A total of 42 properties were reviewed and 29 of those sold and 13 passed in.
The lower end of the market (under $600k) maintained its dominance with a solid clearance rate of 73%, up 2% from its performance last week. 11 of the 15 properties we reviewed found new owners and 4 were passed in.
The middle range category ($600k-$1m) had a healthy NPB clearance rate of 71%, up considerably on last week when the NPB clearance rate for this category was recorded at 66%. We reviewed 14 properties in this range and 10 of those sold and 4 passed in.
The high end of the market ($1m+) had a clearance rate of 61% and remained fairly consistent with last weeks’ performance was 63%, with 8 of the 13 properties we reviewed selling and 5 passing in.
The full list of the 42 properties we reviewed this weekend:
Auctions in the Spotlight
If you need any assistance 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.
0418 131 950