by Antony Bucello
The auction clearance rate this week as reported by the REIV was 53% from the 668 auctions that took place over the weekend. A total of 352 properties sold and 316 passed in. Of the 316 properties that passed in, 204 of them were passed in on a vendor bid. A total of 115 auction results were not reported to the REIV and are yet to be determined.
The Melbourne property market remains consistent with only a moderate level of demand. The revised clearance rate last week was 51% and at the same time last year, the clearance rate in Melbourne was 57%.
There are only another 4 auction weekends before Xmas and the REIV is expecting over 1000 auctions on the last weekend in November. With plenty of opportunities presenting themselves, market conditions continue to favour the buyer and those in the market to buy now are placing themselves in pole position as they can be selective.
It is widely expected that the market will turn in the new year as buyer activity is expected to increase, particularly if interest rates continue to fall.
The NPB Clearance Rate this week was 68%, up 3% from last weeks’ 65%. Of the 48 properties we reviewed and monitored this week, a total of 33 sold and 15 passed in.
The last 3 weeks has seen a steady increase in the NPB Clearance Rate.
Not surprisingly, the best performing sector of the market was again the lower end (<$600k), with 12 of the 16 properties we reviewed selling and 4 passing in, giving us a clearance rate of 75%, up 2% on last weeks 73%. Enquiry levels for people wanting to purchase property in this price bracket has increased over the past couple of weeks, indicating good investment properties are still being sought after by savvy investors.
The middle range category ($600k-1m) was 69%, up slightly on last week. A total of 11 properties sold and 5 passed in from the 16 we monitored. This is up 3% on last weeks 66%.
While the high end of the market ($1m+) continues to lag behind the other 2 categories, the clearance rate is up significantly this week at 63%, which is 10% higher than last weeks’ clearance rate of 53%. 10 of the 16 properties we reviewed sold and 6 passed in.
The full list of the 48 properties we reviewed this weekend:
AUCTIONS IN THE SPOTLIGHT
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