Auction Report Melbourne - Saturday the 11th of September 2010

Monday, 13th September 2010 at 10:26am

The weekend results demonstrate a consistency in the market place with clearance rates at around 70%. We are still seeing a trend towards homes selling within or nearer to the quoted ranges, meaning that sellers, buyers and selling agents are nearing the same perception of values.

The weekend of the 18th may drop off a little as the number of Auctions is increasing by about 25% to cater for the following Grand Final weekend a historically inactive weekend for Melbourne real estate.

There is a gut feel from the public that the interest rate may increase slightly before Christmas but the recent stability has given buyers on the hunt a slight edge in participation confidence.

Sample Results
Each week we rotate a selection of 4 Auction sales across Melbourne suburbs. Typically we like to sample something from the north, east, west and south.

This is just a small snippet of what we are seeing happen in the market place as a buyer’s advocate of Melbourne real estate.

44 Adenay Street, Yarraville
Advertised $490,000 - $530,000
Sold $583,000
http://www.realestate.com.au/property-house-vic-yarraville-106732886

3/85 Merton Street, Albert Park
Advertised $500,000 - $550,000
Sold $525,000
http://www.realestate.com.au/property-apartment-vic-albert+park-106775314

17 Crown Terrace, Ascot Vale
Advertised $800,000 - $880,000
Sold $910,000
http://www.realestate.com.au/property-house-vic-ascot+vale-106732590

46 Joan Crescent, Burwood East
Advertised $650,000 - $690,000
Sold $678,000
http://www.realestate.com.au/property-house-vic-burwood+east-106762611

REIV Update
Another healthy result from this weekends 582 auctions with a clearance rate if 70 per cent reached.
This level of demand is consistent with recent results and suggests that the market has found a reasonable balance, and outcome that is in contrast to the past few years.
There were 612 auctions reported this weekend of which 427 sold and 185 were passed in, 121 of those on a vendors bid.
The REIV expects around 760 auctions next weekend.

Enzo Raimondo
CEO, REIV
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