Autumn starts with busiest market since 2010.
In excess of 3700 auctions were reported to the Real Estate Institute of Victoria (REIV) in March, with more than 2866 sales recorded. Approximately 834 properties were passed in, 388 of those on a vendor bid. The clearance rate for the month averaged 75.5%.
Getting in early to avoid Easter and Anzac Day produced multiple Super Saturdays in March. Strong demand continues to drive the market in Melbourne with large numbers of auctions and sales. With no end to record low interest rates in sight the dynamic conditions of 2014 look set to continue. The averaged clearance rate for the year to date is 77% which is the highest first quarter result since the high performing 2010. The East is particularly successful with the Inner East achieving a clearance rate of 80%. The Middle and Outer regions achieving 85%. If viewed alone, the Outer East recorded a very high 95%.
It’s official that many Melbourne homeowners are doubling their money, according to CoreLogic RP Data’s ‘Pain and Gain Report’ released on March 30th. In the December 2014 quarter just 5.6% of sellers lost money on their sale, compared to 6.7% the previous quarter and 6% at the same time the year before. At the highest performing end, 38.9% at least doubled what they had originally paid for their property.
March produced another ‘Dump sells for millions’ news headline after a rundown beach front property in Middle Park sold for $4.6 million.
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