Melbourne’s real estate market is getting hotter.
According to the Real Estate Institute of Victoria’s weekly auction & sales results, the performance of the residential auction market improved marginally with a clearance rate of 72% compared to 67% last weekend.Of the 525 auctions reported, 379 were sold, 146 were passed in with 91 of those being passed in on a vendors bid.The most listings over the weekend were recorded in the suburb of Frankston, where all 24 properties on auction sold.The report stated that the numbers indicate that demand is still healthy and buyers are still active.
The REIV has also reported that Melbourne’s median house prices have increased 8.5% to $559,000. Dandenong, Rosebud, Broadmeadows, Footscray and Glenroy recorded the biggest increases.
(By Andrea Cornish | 19 Jul 2010)