Auctions in Melbourne strong after Easter

Auction results are often expected to dip near public holidays, but the results for the weekend after Easter show that Melbourne bidders are as keen as ever. The Real Estate Institute of Victoria (REIV) recorded a clearance rate of 75 per cent for 11-12 April.

Auction results in Melbourne

Numbers were down this weekend, but that was not unexpected considering the weekend before was the Easter holiday. Real estate in Melbourne was a lot busier this time last year with 1397 auctions, compared to 639 in 2015 according to the REIV. It’s important to remember that last year Easter fell later in the month.

However, the reported clearance rate of 75 per cent was ahead of last year’s results, when only 70 per cent was recorded. This weekend in April was also better than the same weekend in March, as not only was the clearance rate five per cent higher, but there was almost double the volume of auctions as well.

Private sales of real estate in Melbourne

Auction wasn’t the only success story for the weekend. Reported sales by private treaty were also quite prominent. There were 456 homes for sale by this method, compared to the REIV’s 639 reported auctions. The total value of auctions was around $351million while private sales reached just over $245million.

Houses or apartments?

Property for sale in Melbourne will always do well, but some dwelling types are more desirable than others. In the Victorian capital, larger family homes seem to be the order of the day.

Houses had a clearance rate of 77 per cent compared to 73 per cent for units/apartments. Vacant land for sale had a clearance rate of 61 per cent.

The numbers also spoke volumes about the desirability of certain property types, with 411 standalone houses being offered for auction, compared to 206 flats/apartments and only 18 blocks of land. The median prices were $725,000, $556,500 and $890,000 respectively.

SQM Research shows that the month has been good for both units and houses, with a 0.3 per cent increase in asking prices for each property over the month to 14 April. Three bedroom houses in particular were popular in March-April, with a one per cent increase in vendor sentiment for the month.

If you’d like to know what the most expensive houses for sale achieved in Melbourne this past weekend, the REIV reports the top five homes sold for between $2.022million and $3.375million. If you’re on the other end of the market – not to worry! The five best bargain houses sold for between $283,500 and $345,000, while the cheapest apartment was only $270,000.

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