REIV market snapshot – August 9, 2018

A CLEARANCE rate of 60 per cent was recorded over the weekend compared to 62 per cent last weekend and 76 per cent the same week last year.

There were 464 auctions reported to the REIV, with 280 selling and 184 being passed in, 85 of those on a vendor bid.

The City of Melbourne has the highest clearance rate among metro municipalities with 72.2 per cent from 446 auctions this year.

Southbank and Parkville both recorded above 78 per cent.

One Agency’s auction of 41A Highlander Street Torquay on Saturday saw over 150 people attend and seven interested parties exchange bids until it was knocked down to a local for $625,000.

One Agency auctioneer and director Shaun O’Callaghan said that leading up to the auction their campaign saw 126 inspections and many more enquiries.

“With so many interested parties missing out and still looking to secure their dream Torquay property, there has never been a better time to contact us if you’re considering selling.”

Meanwhile, Hayden Real Estate Torquay sold 1 Hoylake Avenue Jan Juc at auction for $680,000. See over page for more.