- 84% clearance rate for week ending 21 March
- Well above this time last year, which saw a 67% rate
- The number of properties listed for auction were down
The latest results from the Real Estate Institute of Victoria (REIV) have shown clearance rates remain at high levels, with the week-ending 21 March seeing 84% sell under the hammer.
This is a slight increase from last week’s rate of 83% and well above the 67% rate seen this time last year.
As reported here on The Property Tribune last week, auction clearance rates are at their highest rate in Victoria since the start of last decade.
However, the number of auctions reported is down. 944 were recorded last week, a decrease from 988 the week before and 1067 at the same time last year.
Notably, 154 of these properties were sold before the auction, with a total sales volume of $888 million.
House auctions still booming
Houses recorded an 85% clearance rate with a median of $1.16 million.
16 Bowman Street in Aspendale, a 4-by-2 house along the coast near the Mordialloc Pier in south-east Melbourne was the top sale, selling for $4,535,000 on 20 March.
A small 3-by-1 at 4 Rowell Court in Melton South was the cheapest auction sale for last week, selling for $335,000.
Apartments up too
Apartments represented an 82% clearance rate from 316 auctions with a median of $775,000.
A townhouse at 2/17 Olinda Street in Caulfield South, 10 kilometres south-east of Melbourne’s CBD, sold for $2,360,000, representing the top non-house dwelling sale and about two million dollars above the bargain house.
The bargain apartment went to a 2-by-1 located at 1/9 Petrea Parade in Harkness, an outer western suburb, which sold for $255,000.