REIV market snapshot – October 11, 2018

A CLEARANCE rate of 55 per cent was recorded over the weekend compared to 74 per cent the same week last year.

There were 668 auctions reported to the REIV, with 370 selling and 298 being passed in, 153 of those on a vendor bid.

There was tight competition in Melbourne’s inner areas last month with suburbs including Carlton, Footscray, Fitzroy North, Kensington and Melbourne CBD recording clearance rates above 80 per cent.

RT Edgar sold 8 Waterford Place Clifton Springs at auction for $722,000 and 44 Powell Street West Ocean Grove for $942,000 with 13 Minerva Close Ocean Grove sold before auction for $645,000. One Agency Torquay sold 34 Ozan Crescent Jan Juc at auction for $847,000.