by Antony Bucello
The Reserve Bank of Australia’s decision to keep interest rates on hold last week did little to improve overall buyer confidence in the Melbourne property market.
The REIV has reported a clearance rate of 53% from the 501 scheduled properties that went to auction on the weekend. A total of 266 properties sold and around 20% of those sold before auction. Of the 235 properties that passed in, 172 passed in on a vendors bid.
This week’s clearance rate of 53% is only slightly lower than the September average of 54% and 12% lower than the clearance rate the REIV reported at the same time last year when nearly 800 properties went to auction and 65% of those sold.
Interestingly, there was significant reduction in the number of private sales this week with 388 sales recorded. There are over 700 auctions scheduled next weekend.
The NPB Clearance Rate for the week was 64%, with 24 properties selling and 13 passing in from the 37 we reviewed. The NPB clearance rate 2 weeks ago was 66%. A NPB Clearance Rate was no not recorded last week due to the AFL Grand Final and insufficient properties to review in order to give an accurate account of where the market is at.
The lower end of the market performed the best with a clearance rate of 69% this week with a 9 or the 13 properties we monitored selling and 4 passing in. This is slightly lower than the 70% this category achieved 2 weeks ago.
The middle range ($600k-$1m) of the market had a clearance rate of 66% – the same as it was 2 weeks ago – with 10 of the 15 properties we reviewed selling, indicating a consistent and balanced market in this category.
The high end of the market was 55%, down slightly from its performance 2 weeks ago, with 5 of the 9 properties we reviewed selling and 4 passing in. The clearance rate in this category 2 weeks ago was 61%.
The full list of the 37 properties we reviewed this weekend:
Auctions In The Spotlight
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Regards
Antony Bucello
[email protected]
0418 131 950