Auction Report Melbourne - Saturday the 28th of August 2010

Monday, 30th August 2010 at 11:45am

In some cases there are still sales resulting well above the agent quote ranges, although this now seems to be away from the trend. A greater percentage of sales occurred much closer to the range than was occurring earlier this year.

While the market has some predictability about the prices at the moment the selling agents tendency is to still quote a bit low, as they are on alert against scaring the market away from any particular sale. While there are some great results for sellers there were also some unexpected that "passed in", which supports the selling agents conservative outlook when marketing a home for sale.

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.

28 Shore Grove, Coburg North
Advertised $570,000 - $620,000
Sold $710,000
http://www.realestate.com.au/property-house-vic-coburg+north-106716804

478 Blackshaws Road, Altona North
Advertised $380,000 - $420,000
Sold $435,000
http://www.realestate.com.au/property-house-vic-altona+north-106705310

6/130 Tennyson Street, Elwood
Advertised $780,000 - $840,000
Sold $865,000
http://www.realestate.com.au/property-townhouse-vic-elwood-106726206

91 Whites Lane, Glen Waverley
Advertised $540,000 - $580,000
Sold $585,000
http://www.realestate.com.au/property-house-vic-glen+waverley-106715936

REIV Update
The residential auction market had a pre-spring test this weekend and results showed that demand has been largely unaffected by the high volume of homes on offer.
The clearance rate was 71 per cent from a total of 687 auctions reported, compared to 72 per cent from 343 auctions last weekend. There were 488 homes sold at auction this weekend, 199 were passed in and 130 of those were passed in on a vendors bid.
Over the next few weeks buyers will continue to have the upper hand as demand less than this time last year when there were 665 auctions and a clearance rate of 85 per cent.
There are around 600 auction in each of the next two weekends.

Enzo Raimondo
CEO, REIV
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