Auction Report Melbourne - Saturday the 14th of August 2010

Tuesday, 17th August 2010 at 10:21am

For buyers that aren't prepared to make a compromise in the quality of location or accommodation be prepared to compete in the inner band of Melbourne (5 – 10 km out from the city). If you want a quiet street and home with no fault in the floor plan expect a big crowd Auction day and expect that you will have to pay top price.

It is getting to that time in the market where buyers on a strict budget that still want the quiet street and the house with "Good Feng Shui" or "Great Vibe" or what ever you want to call that "extra tick in the box", to shift their search to the next suburbs out.

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.

3 Margaret Street, Seddon
Advertised $550,000 - $590,000
Sold $615,000
http://www.realestate.com.au/property-house-vic-seddon-106673488

6/63 Elizabeth Street Richmond
Advertised $370,000 - $400,000
Sold $441,000
http://www.realestate.com.au/property-apartment-vic-richmond-106701532

55 Teddington Road, Hampton
Advertised $640,000 - $680,000
Sold $700,000
http://www.realestate.com.au/property-townhouse-vic-hampton-106696093

2 Foster Street, Aspendale
Advertised $750,000 - $790,000
Sold $835,000
http://www.realestate.com.au/property-house-vic-aspendale-106696099

REIV Update
The clearance rate for this weekends auctions was 68 per cent, a small increase from last weekend but largely in line with results this winter. Since the start of winter the clearance rate has been 70 per cent or higher twice, a remarkable contrast to summer and autumn when it was never lower than 73 per cent and frequently in the 80’s.
There was a total of 535 auctions reported this weekend of which 364 sold and 171 were passed in, of those 94 were passed in on a vendors bid.
This weekend last year saw 504 auctions held and a clearance rate of 85 per cent; interestingly this weekend is almost a repeat of 2008 when there was 465 auctions and a clearance rate of 65 per cent.
Auction listings drop next weekend to just over 300 due to the Federal Election.

Enzo Raimondo
CEO, REIV
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