- Auction clearance rate was 85% last week - up by 2%
- Total auction volume was $1.47B
- Most expensive house sold was for $4.72M
The auction clearance rate in Victoria continues to increase, recording 85% last week – a slight increase to the previous weeks 83%, according to data from the Real Estate Institute of Victoria (REIV).
Notably, this is lower than the same time last year which saw a clearance rate of 90%, although there were a thousand fewer auctions as Melbourne’s first lockdown took effect.
The total auction volume for last week was $1.47 billion – higher than the previous week’s $888 million.
The number of auctions reported was 1,451, a jump compared to the previous week’s 1,161.
Houses recorded an 89% clearance rate with the median being $1.25 million.
64 Central Park Road in Malvern East – a usual suspect in these listings – sold for $4.72 million. This is approximately $1.33 million more than what the property last sold for back in October 2014.
The bargain house of the week was 49 Henry Street in Melton, a 3-by-1 on a 591sqm site that auctioned for $380,000. According to realestate.com.au, the property was last sold for $125,000 back in 2001 and $6,000 way back in June 1975 – when, according to ABS data, the average earnings per week was $158 weekly or $8,257 annually.
Apartments enjoyed a 76% clearance rate with a median price of $762,000 from 477 auctions.
Unsurprisingly, the most expensive apartment was in Brighton East at 1A Hoddler Street, which sold for $2 million.
The bargain apartment was a one-by-one in Noble Park which sold for $256,000 – an impressive increase from its last sale price of $150,000 in March 2012.