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Record Breaking Auctions in Winter

31 Aug 2015 Melton 0 Comment

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Record Breaking Auctions in Winter

Winter 2015 has been the coldest in over 20 years but that hasn’t stopped the real estate market in being hot hot hot! As we wrap up winter we also reflect on the record breaking Auction results that have been recorded this year in Victoria.

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This past weekend has been notable and record breaking, with over 1000 homes listed for auction on Saturday and a clearance rate of 79.1% which was a vast increase of the 770 listed the same weekend last year and clearance of 77.7% and an increase from the 838 listed last weekend with a clearance of 76%.

There was a total of 4200 auctions conducted this August compared to the 3189 conducted last year in August (an increase of 33.7%).

Melbourne’s outer east had the highest number of auctions on the weekend at 154, following was: Inner City – 152

Inner South – 145

Inner East – 141

West – 140

North East – 131

North – 97

South East – 53

The area with the highest clearance rate was the Inner South at 87%, following was:

Outer East – 84.1%

West – 81.6%

North – 80%

Inner East – 78.5%

North East – 78.3%

South East – 74.3%

Inner City – 71%

With these results, we notice the rising clearance rate of the Western and Northern areas of Victoria. This indicates a higher activity rate in those areas.

The most expensive home sold at auction was 39 Coppin Street in Malvern East, selling for a whopping $4.466 million dollars.

The weekend results have increased the average sale price at auction to $802,000 from $792,000 the weekend prior and 9.8% a higher average the same weekend last year.

With winter not generally being thought of as the best time to sell and buy, the positive results received in Victoria will lead into an exciting time for real estate in spring! For any information regarding selling, buying, leasing or renting call Professionals Ryder Real Estate on 9743 6400.

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