REIV market snapshot – May 24, 2018

A clearance rate of 64 per cent was recorded over the weekend compared to 62 per cent the week before and 79 per cent the same week last year.

There were 787 auctions reported to the REIV, with 502 selling and 285 being passed in, 152 of those on a vendor bid.

The Mernda Rail Extension project is proving a boon for real estate activity with Mernda’s 65 auctions so far this year being more than double the number for the corresponding period of 2017.

Bellarine Property sold 2 Hitchcock Avenue Barwon Heads at auction for $2,150,000 and RT Edgar Bellarine sold 2-6 Cantal Court Ocean Grove for $1,107,000.

McCartney Real Estate Torquay sold Lot 9, Osprey Court Torquay for $688,000.