Melbourne Property News Monthly Wrap – November 2014

November’s auction numbers still strong but clearance rates moderate.

In November, there were in excess of 4832 auctions reported to the Real Estate Institute of Victoria (REIV), with more than 3227 sales recorded. Approximately 1605 properties were passed in, 827 of those on a vendor bid. Although total auction numbers were high in November, the averaged clearance rates have moved lower over the three months of Spring – with a clearance rate of 74.5% for September, followed by 71.5% for October and 65% for November.

Election weekend had a strong auction total (1213+), shrugging off the potential distraction. The large number of homes for auction this month reflects people’s desire to achieve buying or selling plans before Christmas, this includes families who are aiming to relocate (sellers in the Spring market will often be buyers as well) and get established before the start of the new school year.

Top end properties continued to attract high prices this month, particularly near the bay, with a new land price record set in Brighton, with $10,000 per square metre for a large beach-front home selling for $8.52 million, achieving the most expensive sale for Spring’s last weekend (November 29th & 30th). Second place was Brighton East with a $4.43 million sale. Activity on November’s last weekend was high in nearby St.Kilda and Port Melbourne as well. The other hotspot auction suburbs were Richmond, Reservoir and Doncaster East.

According to the REIV, activity will be busy as we enter December with more than 1500 auctions scheduled for the first weekend of December (6 & 7), continuing strongly up until the weekend of 20th & 21st, the last weekend before Christmas.

Craig Knudsen
Principal Advisor
Vendor Marketing

Brought to you by Vendor Marketing – Melbourne’s most qualified vendor advocates

Brought to you by Vendor Marketing – Melbourne’s most qualified vendor advocates