The auction clearance rate recorded this weekend is 55 per cent, compared with 61 per cent this weekend last year. No clearance rate was published last weekend due to Easter.
This weekends result provides a clear indication that further interest rate increases by the banks would negatively impact demand and confidence in the residential property market.
There were 369 auctions reported to the REIV today with 202 selling at auction or shortly after, and 167 being passed in. Of those 115 were passed in on a vendor bid.
The March quarter median prices released by the REIV show that residential property prices have remained relatively flat for the quarter with the median house price at $535,000. By comparison the median price of a house sold at auction during the quarter was $716,000, an increase 2.3 per cent from $700,000 in the December quarter.
Approximately 610 auctions are expected next weekend.
Enzo Raimondo CEO REIV
-------------------------------------------------------------------------------- TOTAL AUCTIONS
This week: 369 This time last year: 962
S Sold at Auction: 167 SB Sold before Auction: 34 SA Sold after Auction: 1
Passed in: 167 Passed in on vendor's bid: 115
Clearance rate: 55%
Postponed: 0 Withdrawn: 2 Auctions with no result: 44
PS Private Sales: 484
Total Volume (Auctions): $124.12mil Total Volume (Private Sales): $237.65mil
Total Auctions Houses: 241 Clearance Rate: 54% Median Price: $638,500 Total Value: $88,001,900
Total Auctions Flats/Apartments: 118 Clearance Rate: 58% Median Price: $448,500 Total Value: $34,216,500
Total Auctions Vacant Land: 9 Clearance Rate: 22% Median Price: $950,000 Total Value: $1,900,000
House Sales in Detail
TOP 5 HOUSES
1. 47 Park Crescent, Fairfield $1,710,000 2. 195 Beach Road, Black Rock $1,500,000 3. 99 Windsor Crescent, Mont Albert $1,460,000 4. 52 Halifax Street, Brighton $1,450,000 5. 25 Cawkwell Street, Malvern $1,400,000
TOP 5 BARGAIN HOUSES
1. 59 Cochrane Street, Cranbourne $226,000 2. 17 Sherbourne Road, Gladstone Park $325,000 3. 1/17-19 Browning Street, Kilsyth $335,000 4. 57 Koala Crest, Westmeadows $346,200 5. 68 Stanley Jones Drive, South Morang $347,000
