Huge demand and a sellers market in September.
There were over 3081 auctions reported to the Real Estate Institute of Victoria (REIV) in September, with 2466 sales recorded. 615 properties passed in, 271 on a vendor bid. The clearance rate averaged 79%, still climbing from last month’s 77.5% and notably up on last year’s September average of 74.5%.
Constant strong demand saw the clearance rate climb through September starting at 77% on the first weekend and finishing at 81% on the last, even with 16% more listings (831 versus 712).
By region, clearance rates were high right across Melbourne topped by the Outer East with 82.9%. Continued low levels of stock contributed to high prices. September 2015 had 1201 auctions on its last weekend but this year offered only 831.
Low interest rates also continued to boost sale prices with September producing more of the smashed reserves we saw in August. Six figures over the reserve mark was achieved in places as diverse as Cheltenham, Box Hill North and Thomastown. But if the home’s in Canterbury it goes to seven figures – 107 Mont Albert Rd. netting 1.3m over its reserve.
The surprising rises keep coming, particularly in the inner suburbs. The most expensive buy on September’s last weekend was a large renovated home at 167 Clarke St. Northcote, selling for a record 4.3 million. This record’s likely to be broken shortly by another Northcote hilltop home on the market now, but with a much larger block. Courtney Barnett wrote her song ‘Depreston’ about being edged out by Northcote’s rising prices. Here’s hoping she sells lots of records and solves the problem!
Melbourne’s hot property market takes a breather this coming weekend for the AFL Grand Final, with just 40 auctions scheduled.
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