by Antony Bucello

The REIV has reported a clearance rate of 54% from the 713 scheduled auctions over the weekend. 383 of the 713 properties that went to auction sold, and 60 or those (or 15%) sold before auction. A total of 330 properties were passed in and 214 of those were passed in on a vendor bid.

This week’s clearance rate is slightly higher than the REIV’s revised clearance rates of 50% last week and the week before. At the same time last year, the clearance rate was 59% from the 921 auctions that took place.

Those with properties on the market will be hoping for an improvement to overall buyer activity, although not much is expected to change over the remaining 2 weekends of the month with 815 properties scheduled to go to auction next week and 1045 up for auction the following weekend.

While the good properties continue to attract competition and sell under the hammer, market conditions continue to be firmly in favour of buyers.

The NPB Clearance Rate this week was 65%, up 5% from last weeks’ 60%. We reviewed a total of 43 properties this week and 28 of those sold and 15 passed in.

The best performing sector of the market was the lower end (<$600k), with 11 of the 15 properties we monitored selling and 4 passing in, giving us a clearance rate of 73%, up 9% on last weeks 64%.

The middle range category ($600k-1m) remained consistent with a clearance rate of 66%, with 10 of the 15 properties we reviewed finding new owners and 5 passing in.

Not surprisingly, the high end of the market ($1m+) was 53%, up 7% on last weeks’ clearance rate of 46%, however still considerably lower than the lower end and middle range categories. 7 of the 13 properties we reviewed in the category sold and 6 passed in.

The full list of the 43 properties we reviewed this weekend:

Melbourne auction results November 2011

Auctions In The Spotlight

145 Glen Huntly Rd ElwoodAuctions in Hawthorn Kinkora St

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Antony Bucello
[email protected]
0418 131 950