Clearance Rates – Week 3 March 2014

The weekend saw plenty of auction action across all of Melbourne with an official clearance rate of 75 per cent recorded by the REIV for the weekend compared to 72 per cent the previous weekend and 67 per cent this weekend last year.

Of the 892 auctions reported to the REIV, 666 were sold under the hammer, 226 being passed in, with 104 of those on a vendor bid.

To date this year, there have been 26 per cent more homes sold at auction than the same period last year – the highest in six years.

The YTD average clearance rate is about 72 per cent in comparison to 67 per cent for the same time last year.

Some suburbs have performed exceptionally well such as Bentleigh East (93%), Highett (92%), and Kensington (91%).

Next weekend the (29-30 March) the REIV expects around 1,350 auctions which is likely to be the biggest auction weekend so far this year.

With interest rates at their most competitive since the 1950′s, is it any wonder Melbourne is experiencing such highly reported sales results, with many of the astute investors making sure they have their finances in order before they turn up to bid at auction

Call me, Peter Vinci on 0438 041 111 and make sure you have the right home loan/finance package in place before you bid at auction

Stay tuned for more auction action updates

As always, enjoy life, work hard, play safe and remember that we are always here to help you

‘Take the Confusion Out of Lending’

Peter Vinci - 0438 041 111