- Previous week only saw 443 auctions reported - likely influenced by the long weekend
- Top sale was a house in Kew that sold for $5.42M
- An apartment in Northcote was the bargain, selling for $255,000
Data from the Real Estate Institute of Victoria (REIV) has shown that last week saw an auction clearance rate of 83% – the same as the previous week.
The number of auctions reported, 827, is significantly higher than the previous week which only saw 443 reported. However, the long weekend, which occurred on Monday 8 March, most likely influenced this figure.
This time last year saw a clearance rate of 71%, albeit a much higher number of total auctions at 1048.
The total sales volume of these auctions was $792M – an average of approximately $1.16 million for each of the 684 properties sold.
More specifically, houses had an 86% clearance rate with a median of $1.25 million with apartments selling at a lower rate of 77% for a median of $755,000.
9 College Parade in Kew takes the crown for the most expensive house sold, selling for $5.42 million. The sale is more than double Kew’s $2.35 million median sale price, as recorded during the December 2020 quarter.
The cheapest house is in Brookfield, 39 kilometres west of the Melbourne CBD, which sold for $400,000. This is below the $473,000 median sale price for Brookfield according to the same December quarter data.
In terms of other dwellings, a townhouse on Harding Street in Bentleigh sold for almost $1.7 million with the cheapest being a tiny 1-by-1 apartment in Northcote that sold for $255,000.
December 2020 quarter data shows the Northcote median unit sale price is $665,000, with one-bedrooms specifically having a median of $440,000 and a $350 per week median rent – suggesting this was a bargain for an investor.