Clearance rates build as the top end shines.
The traditionally quiet period from December 22 to the first weekend of February recorded just 419 auctions with 256 selling, producing a clearance rate of 61%. But the year shifted quickly into gear during the remaining three weeks of February with in excess of 2585 auctions reported to the Real Estate Institute of Victoria (REIV) with more than 1991 sales recorded. Approximately 594 properties were passed in, 297 of those on a vendor bid.
The recent reduction in interest rates to a new all time low has bolstered an energetic start for 2015. Buyers have had the time over the low activity Summer break to firm their resolve and are now making their moves. The clearance rate rose steadily through February to reach 79% on the last weekend, featuring 2015’s first Super Saturday.
The rise in the stock market across February has added to buyer confidence at the higher end of the market where some sales achieved way over reserve. Notably, in February’s last week two properties in Hawthorn’s Scotch Hill precinct went over reserve by a million each. In Port Phillip, a comfortable family home in Middle Park achieved $10,000 per square metre going under the hammer for 5.5 million. However, the busiest suburbs so far this year are South Yarra and Reservoir with 43 and 42 auctions respectively.
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