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 |
107 | 76 | 71% | |
95 | 70 | 74% | |
91 | 69 | 76% | |
80 | 66 | 83% | |
71 | 40 | 56% | |
71 | 45 | 63% | |
68 | 35 | 52% | |
67 | 56 | 84% | |
67 | 36 | 54% | |
62 | 35 | 57% |
Source REIV
Recent results at Craigieburn included:
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.