Melbourne property market: big results help boost clearance rate
Melbourne’s clearance rate reached new heights this week, with the strongest preliminary result in more than two years.
An early sales figure of 78.3 per cent from 493 results recorded by CoreLogic was the best since May 2017.
And some fiery auctions proved the market is heating up just two weeks out from spring.
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A Toorak mansion at 19 Sargood St notched Melbourne’s most expensive auction result this year as it sold under the hammer for $7.05 million.
Another expansive block at 26 Edward St, Kew sold a whopping $731,000 above reserve for $5.731 million as four bidders fought for the keys.
National Property Buyers director Antony Bucello said the auction “went crazy” for the family home on a 1200sq m block.
“More big results (on Saturday) at the high end of the market is now also showing some consistency with strong results,” Mr Bucello said.
“The current environment is being fuelled by the shortage of properties on the market, and we expect this trend to continue while demand is at these current high levels and vendors sit on their hands.”
Kay & Burton Hawthorn director Scott Patterson, who sold the Kew home, said there had been about a 40 per cent drop in listings in the area recently.
There were multiple bidders on quality properties across Melbourne on Saturday, August 17.
Advantage Property Consulting director Frank Valentic saw five bidders battle for 27B Atkinson St, Bentleigh and “half a house” at 373 Bambra Rd, Caulfield South.
Both sold about $100,000 above reserve for $1.563 million and $950,000 respectively.
Young couples and first-home buyers vied against each other at the auctions, he said.
It was the fourth week in a row Melbourne had recorded a clearance rate higher than 70 per cent.
CoreLogic shows about 631 properties are expected to go under the hammer in Victoria this week, with auction numbers on the rise as it gets closer to spring.
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