MRL Blog

Saturday 13th & Sunday 14th November 2010

Results this weekend show that the Melbourne residential auction market continues to feel the impact of the interest rate increases. The clearance rate this weekend is 61 per cent, compared to last weekends 59 per cent.

There were 836 auctions reported this weekend, of which a total of 508 sold and 328 were passed in, 210 of those on a vendors bid.

This current levels of demand are likely to continue as stock levels will remain high with over 1000 auctions expected for each of the next three weekends and buyers are more cautious in light of the banks decisions to increase rates above the decision of the RBA.

This weekend last year saw 722 auctions and a clearance rate of 81 per cent.

Enzo Raimondo
REIV CEO

 


TOTAL AUCTIONS

This week: 836
Last Weekend: 701
This time last year: 772

S Sold at Auction: 417
SB Sold before Auction: 84
SA Sold after Auction: 7

Passed in: 328
Passed in on vendor's bid: 210

Clearance rate: 61%

Postponed: 5
Withdrawn: 7
Auctions with no result: 111

PS Private Sales: 558

Total Volume (Auctions): $375.05mil
Total Volume (Private Sales): $287.71mil

Total Auctions Houses: 558
Clearance Rate: 59%
Median Price: $678,250
Total Value: $260,190,511

Total Auctions Flats/Apartments: 257
Clearance Rate: 65%
Median Price: $539,000
Total Value: $96,234,932

Total Auctions Vacant Land: 20
Clearance Rate: 65%
Median Price: $590,000
Total Value: $13,368,000

House Sales in Detail
 

TOP 5 HOUSES
1. 3 Gilbert Parade, Camberwell $2,031,000
2. 33 Hardwicke Street, Balwyn $2,000,500
3. 5 Beech Street, Malvern East $2,000,000
4. 37 Bringa Avenue, Camberwell $1,960,000
5. 23 Myrtle Road, Canterbury $1,900,000

TOP 5 BARGAIN HOUSES
1. 4 Arunga Avenue, Norlane $165,100
2. 2 Nigella Avenue, Corio $262,500
3. 14 Sweeney Drive, Narre Warren $291,000
4. 112 Longford Crescent, Coolaroo $301,000
5. 10 Fairview Street, Belmont $302,000
 
Flat/Apartment Sales in Detail

TOP 5 APARTMENTS
1. 90 Canterbury Place, Middle Park $1,590,000
2. 16 Chatsworth Road, Prahran $1,375,000
3. 3/111 Queens Bridge Street, Southbank $1,260,000
4. 11 Hunter Street, Richmond $1,160,000
5. 4 Gatehouse Lane, Albert Park $1,150,000

TOP 5 BARGAIN APARTMENTS
1. 9/119 Anderson Road, Sunshine $190,000
2. 5/43-45 Leonard Avenue, Noble Park $200,000
3. 2/165 Edwardes Street, Reservoir $268,000
4. 7/171 Kent Street, Ascot Vale $293,000
5. 3/48 Moonya Road, Carnegie $323,000