Loss making at Melton amid Melbourne's wavering auctions: REIV

Loss making at Melton amid Melbourne's wavering auctions: REIV
Loss making at Melton amid Melbourne's wavering auctions: REIV

A Melton home - the weekend's cheapest sale - reflected a loss for the vendor over their six year ownership.

It fetched $247,000 having sold in 2009 at $275,000.

The three bedroom (below) 1990-built home sits on a 680 square metre holding offered through Barry Plant Real Estate. 

Melton's median house price has been in decline for around four years to its current $240,000 level.

48 Centenary Avenue, Melton 

Melbourne's initial clearance rate sat at 76 per cent this weekend compared to 74 per cent last weekend. The initial clearance rate had been put at 77% last weekend.

It was 70 per cent this weekend last year.

There were 597 auctions reported so far this weekend to the REIV ranging from $180,000 to $3.35 million, for a Camberwell townhouse development site that sold post-auction.

TOP 5 HOUSES

1. 15 Glencairn Avenue, Camberwell $3,350,000
2. 27 Laburnum Street, Brighton $3,250,000
3. 11 Livingstone Street, Ivanhoe $2,855,000
4. 8 Baily Street, Mount Waverley $2,790,000
5. 29 Fisher Parade, Ascot Vale $2,550,000

TOP 5 BARGAIN HOUSES

1. 48 Centenary Avenue, Melton $247,000
2. 16 Bootie Court, Roxburgh Park $330,000
3. 33 Heatherhill Road, Frankston $345,500
4. 47 Ash Street, Doveton $350,000
5. 29 Hurlingham Way, Craigieburn $356,000

TOP 5 APARTMENTS

1. Lot 1/14 Victoria Crescent, Mont Albert $2,165,000
2. 6.1/193 Domain Road, South Yarra $1,750,000
3. 2/31 Kennealy Street, Surrey Hills $1,210,000
4. 17 Sandford Street, Highett $1,160,000
5. 61A Woornack Road, Carnegie $1,150,000

TOP 5 BARGAIN APARTMENTS

1. 45/92 Grey Street, St Kilda $180,000
2. 19/181 Geelong Road, Seddon $218,500
3. 12/6 Garnet Street, Brunswick $225,000
4. 24/15 Acland Street, St Kilda $230,000
5. 7/352 Koornang Road, Carnegie $275,000

SOURCE REIV

Enzo Raimondo, the REIV chief reported auction proceeds totalled $365 million.

The clearance rate for houses was 81% with a median price of $838,500 with apartments' clearance rate at 70% and a $597,000 median price.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Auctions Melbourne

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