Coming in from the outer, Craigieburn gets cracking with auctions

Coming in from the outer, Craigieburn gets cracking with auctions
Coming in from the outer, Craigieburn gets cracking with auctions

Craigieburn was the outer Melbourne suburb with the most auctions in the first six months of this year.

There were 107 auction offerings with a subsequent 71% success rate under the hammer, according to the Real Estate Institute of Victoria.

"It did not even make it into the top 10 last year," the REIV chief Enzo Raimondo said.

Craigieburn is 26 kms north of Melbourne's central business district, in the local government area of the City of Hume.

There were three on the weekend, with two passed in, with a $380,000 pre-auction sale of 6 Tusmore Rise (pictured above). 

TOP 10 HIGHEST NUMBER OF AUCTIONS MELBOURNE OUTER SUBURBS – FIRST HALF 2014

Suburb

Total Auction

Sold at auction

Clearance rate

CRAIGIEBURN

107

76

71%

WHEELERS HILL

95

70

74%

PARKDALE

91

69

76%

RINGWOOD

80

66

83%

MORNINGTON

71

40

56%

NOBLE PARK

71

45

63%

RYE

68

35

52%

MULGRAVE

67

56

84%

ROSEBUD

67

36

54%

KEYSBOROUGH

62

35

57%

Source REIV

Recent results at Craigieburn included:

Coming in from the outer, Craigieburn gets cracking with auctions

The REIV is expected about 540 auctions across 226 Melbourne suburbs this weekend.

There was a 74% success rate based on initial returns, up compared to 71% last weekend and 73% this weekend last year.

"Aside from the clearance rate, the strength of demand from buyers can also be gauged from the share of homes sold before auction," REIV chief Enzo Raimondo said.

"In the year to date, about 14% of homes scheduled for auction have been sold before, which is the highest level since 2010.

"In some suburbs, such as Wantirna, nearly half of all homes scheduled for auction were sold beforehand," he said.

The top weekend auction locations were Richmond (9 auctions), South Yarra (9 auctions), Mount Waverley (8 auctions), Doncaster (8 auctions) and Cheltenham (8 auctions).

The clearance rate has been above 70% for the past four weeks, which is higher than the 10-year average of 69% for this time of year.

Based on forward estimates, about 2,300 auctions are expected to be held in July which is higher than the decade average as auctions continue to be popular.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Victoria Auctions

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