Richmond the mid-August weekend auction spotlight

The auction spotlight is on the inner city suburb of Richmond this weekend, with 14 properties scheduled to go under the hammer, according to Real Estate Institute of Victoria.

There will be a total of 650 auctions across Melbourne this weekend, with the clearance rate expected to remain above 70%.

Every weekend in August has so far recorded a clearance rate above 70% and is tracking substantially better than last year, when the average winter clearance rate was 57%.

RP Data suggests Richmond house prices are 5.6% weaker than this time last year at $769,000, which is also well down on the 2012 peak of $815,000 and the 2010 peak of $825,000.

A two-bedroom home at 37 Wall Street in Richmond is scheduled to go under the hammer with a $700,000 plus price tag.

The 112-square-metre property features a north facing courtyard and garden, and was last advertised in 2007 for $450,000 plus.

It is listed through Edward Hobbs and Tabitha Robb of Biggin & Scott Richmond.

Meanwhile the dearest home sold in the 2011 Block Richmond renovation series has been listed for August 31 auction.

It’s the three-bedroom 37 Cameron Street Richmond cottage renovated by Josh and Jenna.

The Edwardian cottage sold for $1 million and its latest price guidance is $1 million plus through Russell Cambridge and Allan Cove of Biggin & Scott.