REIV market snapshot – May 10, 2018

A CLEARANCE rate of 64 per cent was recorded over the weekend compared to 67 per cent the week before and 78 per cent the same week last year.

There were 863 auctions reported to the REIV, with 552 selling and 311 being passed in, 149 of those on a vendor bid.

Capel Sound, changed from Rosebud West in 2016, is the current top clearance suburb with 93 per cent from 15 auctions.

Bellarine Property sold a 2.5-acre parcel of land at 51 Graham Lane Connewarre at auction for $722,000 while Hayden Ocean Grove sold 47 The Avenue Ocean Grove for $1,135,000.

Richardson Real Estate sold three acreage lots in Hinterland Moriac with lot 18 going for $540,000 while lots 19 and 20 both sold for $530,000 each.