Geelong's auction clearance rates drop from 80 percent to 50 percent
CoreLogic has reported a weakening in the Geelong auction market.
Last weekend 30 homes went to auction but there was only a clearance rate of 52 percent.
It was sitting at 83 percent just last week.
Source: CoreLogic
Indicative of this falling clearance rate, a 3 bedroom 1 bathroom home with $899,000 hopes passed in at auction on August 11.
Located at 72 Aberdeen street, Geelong West the 828 sqm holding (pictured below) has 4 car spaces and clear water views.
It is within walking distance of several colleges, primary and secondary, and just a short drive from major shopping centres.
Another dwelling that went unsold at auction was 1 Ficinia Mews, Highton (pictured below) which went to auction with a price guide of $680,000 to $730,000.
The four bedroom two bathroom home just a month ago had a price guide of $700,000 to $750,000.
The 700 sqm holding last sold in December of 2007 for $147,000.
Situated near Geelong bypass and Waurn Ponds shopping centre, the home is open for inspections again.
A third property that failed at auction was a 1237 sqm land bank with a price guide of $580,000 to $638,000
Located at 264 Roslyn Road, Highton (pictured below), it last sold for $265,000 in 2005.
It was passed in at auction following a vendors bid of $690,000.
Properties that did sell include, a $605,000 sale on August 11 of a Geelong West four bedroom timber cottage (pictured below).
It was sold by Peter Fort from Whitford Newtown.
Situated at 44 Crofton Street, it comprises of four bedrooms, spacious lounge, timber kitchen and adjoining dining, as well as large covered timber deck.
It is located within easy access to Pakington Street shopping precinct, Newtown colleges and transport.
Another Manifold Heights two bedroom house has been sold for $420,000 at auction on Saturday (pictured below).
It was listed by Graeme Taylor and Edward Arthurson from Graeme Taylor Estate Agents.
Situated at 3 Merton Grove, the home consists of two bedrooms, a separate lounge, gas kitchen/casual dining area and rear yard.
It is within close proximity to supermarkets, medical centre, public transport, fine primary & secondary schools, Pakington Streets shops, cafes and The Ring Road.
