Sunday 17 May 2009
This weekend saw the strongest result in the Melbourne auction market since the end of the boom in 2007 with 452 auctions reported and a clearance rate in excess of 80 per cent. Strong results earlier this year were attributed to a supply shortage, however as stock levels have risen to 2006 levels the result is more a reflection of the impact of improved affordability, demand increases due to population increases and the generous financial assistance provided to first home buyers.
There were 452 auctions reported this weekend, 375 sold resulting in a clearance result of 83 per cent. There were 77 properties passed in, of which 44 were passed in on a vendors bid.
The next two weeks we expect to see just under 1300 auctions which is a very high number of auctions at this time of the year.
TOTAL AUCTIONS
This week: 452
Last weekend: 43
This time last year: 559
S Sold at Auction: 275
SB Sold before Auction: 80
SA Sold after Auction: 4
Passed in: 77
Passed in on vendor’s bid: 44
Withdrawn: 0
Auctions with no result: 13
Median Price: $605,000
Median Price: $429,000
Clearance Rate: 57%
Median Price: $323,000
TOP 5 HOUSES
1. 18 Cromwell Road, South Yarra $3,550,000
2. 70 St Andrews Street, Brighton $2,630,000
3. 80 Leopold Street, South Yarra $1,730,000
4. 58 Argyle Road, Kew $1,631,000
5. 20 Aintree Road, Glen Iris $1,580,000
TOP 5 BARGAIN HOUSES
1. 77 Eldorado Crescent, Meadow Heights $240,000
2. 10 Hammersley Court, Lalor $274,000
3. 17 Comber Street, Noble Park $277,000
4. 101 Kelvinside Road, Noble Park $290,000
5. 117 Hope Street, Geelong West $295,000
TOP 5 APARTMENTS
1. 4/333 Wattletree Road, Malvern East $1,020,000
2. 6/64 Edgar Street North, Glen Iris $857,700
3. 82 Esplanade West , Port Melbourne $821,500
4. 31A Neville Street, Bentleigh East $795,000
5. 1/34-44 Regent Street, Elsternwick $771,000
1. 21/131 Glen Huntly Road, Elwood $205,000
2. 1/37 Somerville Road, Yarraville $211,000
3. 2/103 Mccrae Street, Dandenong $222,000
4. 10/47 Bowmore Road, Noble Park $227,000
5. 5/7 Mornington-Tyabb Road, Tyabb $230,000
If interested in learning more about this update please contact me today!
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