Sell with Confidence
Read More
News

Auctions

By Rebecca Richmond

There were over 5,000 auction sales in the first four months of 2013 comprising an estimated 24 per cent of sales in Melbourne.

This is higher than last year’s share of 20 per cent and is consistent with 2010 and 2011. Historical analysis shows that as the market strengthens so too does the proportion of homes sold at auction.

Over the past five years, Melbourne has averaged approximately 1,600 auction sales in April with a clearance rate of 73 per cent. In April there were 1,590 auction sales with a clearance rate of 67 per cent.

On a weekly basis the clearance rate improved over the course of the month from a low of 63 per cent. Analysis of results on a suburban basis showed a clear impact from the school holiday an associated reduction in auction listings in the inner east and south east.

The top five suburbs with the most auction sales to date this year were Richmond (109 sales), Reservoir (88 sales), Hawthorn (79 sales), South Yarra (74 sales), and Prahran (73 sales). Thornbury feature in the top ten suburbs with the highest clearance rate (92 per cent) as well as with the most auction sales (62 sales).

For the first time, the REIV has introduced auction clearance rates for commercial, industrial, and retail sales. There were 31 non-residential auctions for Victoria in April with a clearance rate of 90 per cent. This is higher than the previous year’s clearance rate of 83 per cent ans is also based on a higher number of auctions. The majority (55 per cent) of the auctions held were for retail properties, followed by industrial (29 per cent), and commercial (16 per cent).

A total of around $25 million worth of non-residential property was sold through auction in the month compared to $1.095B worth of residential property.

*Article courtesy of Real Estate Institute of Victoria

Up to Date

Latest News

  • Strong auction clearance rates dominate October

    October is already on track to be a record month for Australasia’s leading real estate group with clearance rates at an all time yearly high across the country. Buyer demand continues to stay high as many compete to close the deal in time for Christmas. Last weekend, the Ray White … Read more

    Read Full Post

  • Our best September ever!

    Since May 2020, we have been writing about the “V” shaped recovery of our real estate markets following a shaky period at the start of the pandemic. In our weekly Ray White Now publication, we identified early that buyer demand remained strong and was only getting stronger. We could not … Read more

    Read Full Post