Record breaking March!
March has been a record breaking month totalling over 4,600 auctions, with 2891 sales reported to the REIV, 1058 were passed in with 682 on a vendor bid. The number of auctions were a full 30% above the last record of 3,525 (March 2008).
The Clearance Rate hovered week by week between a healthy 71% and 74%, giving an average of 72%. The easing rate on the last weekend is attributed to the abundance of stock going to auction. The Clearance Rate is up on last year’s March average of 65%. A good result for vendors.
March saw one quiet weekend – the long weekend (March 8) break which brought a drop in activity with Victorians heading for holiday homes and beaches in the hot weather.
2014 so far has delivered solid results. We’re seeing multiple bidders at auctions and healthy average clearance rates. A higher percentage of homes are selling, but total transactions are tracking lower than this time last year. Private sales are notably lower. This tells us that although the premium end of the market is doing well, the more affordable and larger private sale market is exhibiting some elements of a slowdown.
As well as breaking total auction records for March, median prices for this quarter have risen by 11% in Melbourne.
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