Auction Report Melbourne - Saturday the 21st of August 2010

Monday, 23rd August 2010 at 4:21pm

As expected the clearance rate spiked on a reduction in Auction numbers due to the election. We saw a neat home in Freeman Street, Yarraville sell 10% above the top end of the range and a very tired 2 bedroom apartment in Milton Street, Elwood sold for $592,000 when the range was quoted at $440,000 - $480,000. These were both strong results that signal the market in these areas is set to do well through Spring.

The Albert Park result is an interesting one, probably the cheapest house I’ve seen sold in Albert Park in 3 years, check out the link to the floor plan and you'll see the little you get for your money, in one of Melbourne’s Best Suburbs.

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.

9 Durham Street, Albert Park
Advertised $650,000 - $700,000
Sold $690,000
http://www.realestate.com.au/property-house-vic-albert+park-106710286

5/18 Bloomfield Road, Ascot Vale
Advertised $290,000 - $320,000
Sold $315,000
http://www.realestate.com.au/property-unit-vic-ascot+vale-106683268

29 Freeman Street, Yarraville
Advertised $540,000 - $590,000
Sold $657,000
http://www.realestate.com.au/property-house-vic-yarraville-106709074

2/69 Livingstone Street, Ivanhoe
Advertised $480,000 - $520,000
Sold $456,000
http://www.realestate.com.au/property-unit-vic-ivanhoe-106707692

REIV Update
There were 300 auctions reported this weekend of which 225 sold and 75 were passed in, 43 of those on a vendors bid.
This weekend last year saw 468 auctions and a clearance rate of 82 per cent.
The REIV expects around 740 auctions next weekend.
Enzo Raimondo
CEO, REIV
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