melbourne cbd skyline
Melbourne once again recorded an 83% auction clearance rate. Image – Canva
  • 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.

kew college parade
9 College Pde, Kew was the most expensive property successfully auctioned last week in Melbourne. Image – realestate.com.au

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.

northcote
The lounge room at 2/247 Heidelberg Rd, Northcote – the cheapest property auctioned last week in Melbourne. Image – realestate.com.au

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.



You May Also Like

‘Plenty of buyer interest’ as auction clearance rates hold above 70%

Auction clearance rates have been drifting lower, but there are still plenty of eager buyers buoyed by rising prices.

Auction activity and clearance rates on the rise

Auction activity is on the rise with clearance rates, registered bidders and attendances starting to increase along the east coast.

Clearance rates high but sellers still playing the waiting game: Domain

The expected monthly lift in auction volumes and clearance rates, after a lull in January, occurred in all capitals.

Saturday no longer best auction day

A weekday may be the best time to host an auction, suggests Justin Nickerson

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Thinking of borrowing for a new home? We decode the home loan lingo and explore ...

We take a look at everything from principal and interest to rates and more.

A window of opportunity could be open for savvy Australian property investors, but time is ...

One expert has noticed investors are on the move while there's less competition and fewer buyers in the marketplace.