REIV market snapshot – March 22, 2018

A clearance rate of 68 per cent was recorded over the weekend compared to 69 per cent the week before and 79 per cent the same week last year.

There were 1,237 auctions reported to the REIV, with 844 selling and 393 being passed in, 203 of those on a vendor bid.

Melbourne’s premium suburbs were the busiest auction locations this weekend with multiple homes going under the hammer in Richmond, Camberwell, St Kilda and Port Melbourne. With more than 1,700 auctions already scheduled, next weekend will challenge the record for the most auctions held in a single weekend.

Bellarine Property sold 30 Margate Street, Barwon Heads immediately after auction for $1.325 million, while McCartney’s Torquay sold 95 Ocean Blvd, Jan Juc for $1.81 million.

Barry Plant Torquay sold 19 Springbank Circuit Torquay for $795,000 and One Agency Shaun O’Callaghan sold 21 Gairloch Avenue Jan Juc for $960,000 with Hayden Real Estate selling 4 Hani Court Torquay immediately after auction.