REIV market snapshot – Febuary 15, 2018

Good results at local weekend auctions

A CLEARANCE rate of 74 per cent was recorded over the weekend compared to 74 per cent the weekend before and 80 per cent the same week last year.

There were 456 auctions reported to the REIV, with 338 selling and 118 being passed in, 58 of those on a vendor bid.

Auctions remain popular in Melbourne’s outer ring with suburbs more than 20km from the city accounting for 35 per cent of all auctions scheduled this weekend, more than any other region.

Bellarine Property sold 23 Cuthbertson Drive Ocean Grove just prior to auction for $650,000 and also sold a two-bedroom home at 20 Noble Street Barwon Heads for $985,000 at auction.

Hayden Real Estate Torquay sold 10 Strathcairn Avenue Jan Juc for $730,000, while One Agency Shaun O’Callaghan sold a two-bedroom unit at 2/39 Beach Road Torquay for $654,000 and McCartney Real Estate sold vacant land at 5 Everlasting Court, Torquay for $319,000 at auction.