Reserves dip a little to sell in a busy auction market.
Over the four weekends of November there were in excess of 4835 auctions reported to the Real Estate Institute of Victoria (REIV). More than 3316 sales were recorded. Approximately 1519 properties were passed in with 646 of those on a vendor bid. The clearance rate for November averaged 67%.
November was a bumper month for auctions with newspaper reports of 1630 on the last Saturday, which would be an all time National record for one day. November’s auction total was 300 more than this time last year. The market has lost some of the heat it had earlier this year with vendors willing to lower expectations and reserves in order to sell in such a competitive market. Many home sellers in Melbourne’s middle ring suburbs are choosing the secure option of accepting an offer and selling before auction, with one agent reporting a rate of 20%.
Clearance rates continue to soften. November’s 67% was down on preceding months – October 70.5%, September 74.5%, August 75.5%, July 76.5%.
New data has confirmed Melbourne’s inner and middle suburbs have had the highest price growth during the 12 months up to September, rising by 15% for 4 bedroom houses. November saw Melbourne’s most expensive established home sale so far this year with a Toorak property in Yar-Orrong Rd. selling off-market for $20 M.
On Melbourne’s outer fringes the new home buyer market was booming through the Spring quarter with 1200 land sales, as people choose this route (usually house and land) to get a foot in the door. Many buyers who enter this market will later move closer to the city. Land prices in this sector have risen an estimated 20% this year – good news for the young buyers who bit the bullet last year!
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