Aberfeldie tops Melbourne weekend results

Aberfeldie tops Melbourne weekend results
Aberfeldie tops Melbourne weekend results

Melbourne's school holidays saw the absence of the typical prestige offerings with the top sale being $2.75 million in Aberfeldie (above).

It sold two years ago in spring 2014 at $2.32 million, so reflected 11 percent price growth for the 2006-built Victorian-era style four bedroom home with study.

Melbourne was the busiest capital city auction market this week, after Sydney was the busiest for the past two weeks.

The 794 Melbourne auctions secured a clearance rate of 73 percent, according to CoreLogic RP Data.

Inner Melbourne, with 171 auctions and North East Melbourne with 110 auctions held were the busiest sub-regions of the city this week, with clearance rates of 72 percent and 76 percent, respectively.

South East and Inner East Melbourne were the only two regions where clearance rates fell below the 70 percent mark this week.

The preliminary auction clearance rate in Sydney stayed below 70 percent again this weekend at 67 percent, down from 69 percent last week.

All much lower than one year ago when it was a redhot 83 percent. 

Sydney’s sub-regions again showed a significant amount of variation in results across the city.

Clearances rates were as high as 87 percent in Inner West and as low as 41 percent in South West.

The cheapest Sydney offering was an over 55s villa in Cronulla.
 
Sydney auctioneer Rocky Bartolotto noted that not only were volumes down by 25 percent, but the average registered bidder numbers were just under 4 per property, compared to April 2015 which was averaging seven.
 
Brisbane’s preliminary clearance rate was 56 percent this week, up on the 52 percent last week and 54 percent one year ago.

Brisbane had the weekend's cheapest sale at $237,000 at Waterford West for a three bedroom home (below) which, according to CoreLogic RP Data, last sold at $235,000 in 2006.

Aberfeldie tops Melbourne weekend results

Adelaide’s clearance rate was 63.6 percent this week, with Perth auctions at 25 percent last week.

Across Canberra 69 auctions were held this week with a 64 percent sales success including the $1,515,000 sale of the former bolthole of the former Federal Treasurer Joe Hockey.

The three-bedroom property in the prestigious suburb of Forrest sold soon after being passed in on a $1.5 million vendor bid at its 25 Furneaux Street onsite auction.
 
The national 67 percent success rate, was up from the 66 percent last week, but remaining lower than one year ago 77 percent.

The March 2016 quarter combined capital city clearance rate was 69 percent, lower than the 75 percent in the March 2015 quarter. 

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.

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Auctions Clearance Rates

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