REIV market snapshot – February 7, 2019

A CLEARANCE rate of 65 per cent was recorded over the weekend compared 43 per cent the same week last year.

There were 283 auctions reported to the REIV, with 184 selling and 99 being passed in, 39 of those on a vendor bid.

Craigieburn was the top performing auction suburb for sales in 2018 with 380 properties selling under the hammer.

The suburb nudged out Reservoir which held the post for the four previous consecutive years.

Preston and Coburg also notched up their highest rank since 2013, coming in at sixth and ninth respectively.

McCartney Real Estate sold the last nine lots in the Great Ocean Views Estate on Friday evening which averaged $569,333 with the top sale being Lot 19A to a local couple from Torquay for $627,000.

McCartney Real Estate also sold 49 Beach Road Torquay after auction for $1,275,000.