Auction Report Melbourne - Saturday the 7th of August 2010

Monday, 9th of August 2010 at 5.19pm

Again the clearance rates are just below 70% the same as the last few weeks, the market is still pursuing the “A Grade” property, which is injecting some enthusiasm for sellers against those “C Grader’s” which are getting passed in.

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.

26 Railway Street South, Altona
Advertised $750,000 - $830,000
Sold $881,000
http://www.realestate.com.au/property-house-vic-altona-106696111

46 Winmalee Road, Balwyn
Advertised $1,700,000 - $1,800,000
Sold $1,860,000
http://www.realestate.com.au/property-house-vic-balwyn-106664386

1/20 Rooney Street, Maidstone
Advertised $310,000 - $350,000
Sold $407,000
http://www.realestate.com.au/property-townhouse-vic-maidstone-106690922

72 Speight Street, Newport
Advertised $420,000 - $460,000
Sold $502,000
http://www.realestate.com.au/property-house-vic-newport-106664334

REIV Update
This weekend has seen clearance rates remain in line with the performance of the market throughout July suggesting that little will change until after the Federal Election when stock levels will increase. Unless buyer activity increases buyers will be presented with conditions that are more favourable than they have been over the past few months. The clearance rate this weekend is 67 percent, from a total of 496 reported auctions. There was a total of 331 homes sold and 165 passed in, 106 of those on a vendors bid. This weekend last year saw 424 auctions and a clearance rate of 85 per cent achieved. The REIV expects around 580 auctions next weekend and then a drop to 320 on the weekend of the Federal Election.

Enzo Raimondo
CEO, REIV
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