Melbourne Property News Monthly Wrap – April 2015

Easter and ANZAC Day produce a quieter April, but clearance rates trend high.

There were in excess of 1781 auctions reported to the Real Estate Institute of Victoria (REIV) in April, with more than 1404 sales recorded. Approximately 377 properties were passed in, 195 of those on a vendor bid. The averaged clearance rate for the month was 77%, based on the two busy weekends of 11th & 12th and 18th & 19th showing buyer confidence continues to be strong.

The Easter and Anzac Day weekends produced few auctions, but some strong sales were recorded. An ANZAC day auction in Ringwood saw the home sell for $761,000, achieving $240,000 over the reserve.

Not everyone supports having auctions on Anzac Day, with Premier Daniel Andrews somewhat strangely signalling a possible ban during the week. “It may be legal to be having auctions and things of that nature, but I think it’s pretty ordinary,” Mr. Andrews said.

Trends for the year to date show the Middle and Outer suburbs have produced the greatest net worth gains since this time last year, with Middle suburbs up by 18% and the Outer suburbs up by 27%.

Clearance rates have continued to climb so far this year with the 3 top achieving suburbs being Wantirna 97%, Ringwood 96% and Brighton 93%.

The 3 top suburbs for properties which sold before auction this year are Williamstown 33%, Glen Waverley 31% and St.Kilda 30%.

Traditionally, auction listings ease off in May as we move into colder weather, but May’s first weekend has bucked this trend with 935 auctions scheduled.

Craig Knudsen
Principal Advisor
Vendor Marketing

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