Melbourne auctions maintain Autumn glow into winter
A clearance rate of 80 per cent was recorded across Melbourne today, continuing on its merry way despite recent commentary.
Last weekend a clearance rate of 72 per cent was recorded over the subdued Queen's Birthday weekend, compared to 80 per cent on May's last weekend.
There were 766 auctions reported to the REIV today.
Armadale secured the highest residential house price when 39 Lambeth Avenue, Armadale fetched $4,660,000.
The renovated Victorian trophy home had five bidders.
Next priciest was 27 Summerhill Road, Brighton East at (below) $3,980,000 through Marshall White, then 29 Regent Street, Mount Waverley $3,300,000 and 32 Barrington Avenue, KEW $3,150,000.
The REIV was expecting about 920 auctions in 251 suburbs on the weekend. On the same winter weekend last year there was a 72% success rate from 919 auctions.
TOP 5 BARGAIN HOUSES
1. 115 Glynns Road, North Warrandyte $85,000
2. 42 Mt Eagle Way, Wyndham Vale $265,000
3. 1/4 Dawn Avenue, Dandenong South $275,000
4. 3/70-71 Nepean Highway, Seaford $285,000
5. 11 Donald Street, Dallas $295,000
TOP 5 APARTMENTS
1. 7 Lawson Street, Hampton $1,770,000
2. 3A Abergeldie Avenue, Mckinnon $1,387,500
3. 6/7 Warwick Court, Surrey Hills $1,380,000
4. 61 Michael Street, Fitzroy North $1,250,000
5. 1/56 Union Road, Surrey Hills $1,229,888
TOP 5 BARGAIN APARTMENTS
1. 4/232 Nicholson Street, Footscray $207,000
2. 3/483 Princes Highway, Noble Park $278,000
3. 7/37 Osborne Avenue, Glen Iris $280,000
4. 5/7 Waltham Street, Flemington $285,000
5. 12/63 Ulupna Road, Ormond $296,000
Source REIV
The top auction locations were South Yarra (20 auctions) followed by Glen Waverley and Glen Iris with 14 auctions each.
There was a development site at 50 Montclair Avenue Glen Waverley that fetched $5,505,000 at auction yesterday.
Melbourne’s east continues to see a high buyer demand, with 10 suburbs recording clearance rates of between 95 per cent and 100 per cent in the month of May.
There were 275 auctions reported to the REIV over the long weekend.
The REIV reported the 2015 auction market hit a peak in May, with 5,000 auctions held – more than any other month this year. The May clearance rate, at 79 per cent, was also well ahead of May 2014 , when it was 71 per cent.
APM reported Melbourne’s outer east recorded 88.5 percent closely followed by the inner east with 88.0 percent, the north 84.7 percent, the north east 84.2 percent, the inner south 83.5 percent, the west 79.6 percent, the south east 76.3 percent and the inner city with 72.3 percent.
APM reported Melbourne recorded a clearance rate of 79.2 percent over May which which was the highest monthly success rate since April 2010.
The May clearance rate was the third highest ever recorded for that month – behind only the price boom years of 2007 and 2001.