July keeps humming despite mid-winter weather
2014 continues with an energetic performance in July. There were 1827 auctions reported to the Real Estate Institute of Victoria (REIV), with 1340 sales recorded. 487 properties were passed in, 228 of those on a vendor bid.
Total numbers of scheduled auctions have tapered a bit with the final arrival of very cold daytime temperatures but clearance rates are still going strong, maintaining a July average of 71%. This is marginally higher than this time last year when it was 70.5%. So far this year 14% of homes have sold prior to auction – the highest level since 2010.
Looking closer at the Melbourne’s Clearance Rates, by region, reveals the Outer East was the star performer with very high clearance rate of 86.5% on the weekend of July 26th and 27th, followed by the Inner South with an 80.2% clearance rate. This compares with a clearance rate of 69% for the Inner City on the same weekend.
Both buyers and sellers singled out Wantirna as a place where it was better to seal a deal quickly, with almost 50% of all homes selling prior to auction.
With the end of the Financial Year came confirmation of the increase in Melbourne’s house prices – being an official 10.3% over the 2013-14 financial year, delivering the best annual result since September 2010.
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