If the first few weeks of spring sets the tone for the rest of the year then this spring will be one when buyers have good opportunities and vendors achieve healthy results. This is sort of balanced residential auction market Melbourne has not witnessed for a few years.

The clearance rate was 72%, compared to 70% last weekend.

There were 603 auctions reported this weekend with a total of 433 selling and 170 being passed in, 90 of those on a vendors bid.

This weekend last year saw 568 auctions and a clearance rate of 85%.

Over the next fortnight the REIV expects around 1430 auctions.

The residential auction market had a pre-spring test this weekend and results showed that demand has been largely unaffected by the high volume of homes on offer.

The clearance rate was 71% from a total of 687 auctions reported, compared to 72% from 343 auctions last weekend. There were 488 homes sold at auction this weekend, 199 were passed in and 130 of those were passed in on a vendors bid.

Over the next few weeks buyers will continue to have the upper hand as demand less than this time last year when there were 665 auctions and a clearance rate of 85%.

There are around 600 auction in each of the next two weekends.

In comparison to the last few weekends, and the next few, there was a low
number of auctions this weekend due to the Federal Election. This however has
not had any negative impact on demand with a clearance rate of 75% being
recorded.


There were 300 auctions reported this weekend of which 225 sold and 75 were
passed in, 43 of those on a vendors bid.


This weekend last year saw 468 auctions and a clearance rate of 82%.


The REIV expects around 740 auctions next weekend.

The clearance rate for this weekends auctions was 68%, a small increase from last weekend but largely in line with results this winter. Since the start of winter the clearance rate has been 70% or higher twice, a remarkable contrast to summer and autumn when it was never lower than 73% and frequently in the 80’s.

There was a total of 535 auctions reported this weekend of which 364 sold and 171 were passed in, of those 94 were passed in on a vendors bid.

Auction listings drop next weekend to just over 300 due to the Federal Election.

This weekend has seen clearance rates remain in line with the performance of the market throughout July suggesting that little will change until after the Federal Election when stock levels will increase. Unless buyer activity increases buyers will be presented with conditions that are more favourable than they have been over the past few months.

The clearance rate this weekend is 67%, from a total of 496 reported auctions.

There was a total of 331 homes sold and 165 passed in, 106 of those on a vendors bid.

The REIV expects around 580 auctions next weekend and then a drop to 320 on the weekend of the Federal Election.

Demand improved at this weekends residential auctions with a clearance rate of 70%, an increase from last weeks 66%.

This result will provide encouragement and confidence to vendors with homes listed for auction between now and the federal election. An interest rate increase next week would reduce that confidence.

There was a total of 561 auctions reported this weekend, of which a total of 393 sold and 168 were passed in, 109 of those on a vendors bid.

Next weekend the REIV expects 520 auctions.

The clearance rate from this weekend’s 560 auctions was 67%, a result that is remarkably consistent with the past few weeks indicating that the market has settled at a new level this winter.

There were a total of 560 auctions reported this weekend with 375 selling and 185 being passed in, 123 of those on a vendors bid.

This weekend last year saw a total of 382 auctions held and clearance rate of 86 per cent achieved, higher than this year but with fewer auctions.

The next 3 weekends have around 550 auctions each weekend with a drop the following weekend, to around 130 at this moment, due to the Federal election.

The performance of the residential auction market improved marginally this weekend with a clearance rate of 72% compared to last weekends 67%.

There were a total of 525 auction results reported of which 379 were sold, 146 were passed in with 91 of those being passed in on a vendors bid.

This weekends result will be welcomed by vendors with homes listed for auction in the next few weeks as it shows that demand is still healthy and buyers still very active.

This weekend last year featured substantially fewer auctions with 293 auctions held and a clearance rate of 85% recorded.

Listings remain high with 1200 homes to be offered at auction in the next fortnight.

There were 528 auctions reported this weekend with a total of 361 selling and 167 being passed in, 96 of those on a vendors bid.

The clearance rate from this weekend’s auctions is 68%.

This weekend last year saw 293 auctions reported and a clearance rate of 85%. 

Next weekend the REIV expects 590 auctions. 

There were 539 auctions reported this weekend with a total of 355 selling and 174 being passed in, 95 of those on a vendors bid.  The clearance rate from this weekend’s Auctions is 67%. 

This weekend last year saw 292 auctions reported and a clearance rate of 82%. 

Next weekend the REIV expects 550 auctions.

The clearance rate from this weekend’s 827 auctions is 65 per cent, a result that clearly shows the impact of high stock levels throughout June.

The outlook for July reveals a lower number of homes offered for auction, around 550-600 per weekend and less opportunities for buyers.

This weekend last year saw 451 auctions and clearance rate of 87 per cent.

There have been 827 auctions this weekend with a total of 540 selling and 287 passed in, 178 of those on a vendors bid.

The REIV expects 590 auctions next weekend.

Compared with previous years there has been a record number of auctions this weekend, providing buyers with a good opportunities. These conditions are expected to continue for the next few weeks.

Due to the record number of auctions the clearance rate was lower than was the case in previous weeks with 68 per cent of all homes auctioned selling.

There were 942 results reported this weekend with 638 homes selling and 304 being passed in, 199 of those on a vendors bid.

This weekend last year saw 540 auctions and a clearance rate of 86 per cent.

The REIV expects around 880 auctions next weekend.

The clearance rate improved this weekend due to the lower number of homes offered for auction over the long weekend.

There were 268 results reported this weekend of which 207 sold and 61 were passed in, 31 of those on a vendors bid. The clearance rate was 77%.

This weekend last year, which was not a long weekend, saw 527 auctions and a clearance rate of 85 per cent.

Next weekend will feature a record number of auctions for June and winter with around 1000 homes to be auctioned.

The clearance rate from this weekend’s 855 reported auctions was 70%, a good result given Melbourne has never seen as many auctions held on a winter weekend.

From an overall perspective the residential market is more in balance than it was earlier this year and that means that buyers are facing the best conditions in over a year. This is likely to continue with over 1000 auctions the weekend after Queens Birthday.

There were 855 auctions reported this weekend of which 599 sold and 256 were passed in, 156 of those on a vendors bid.

This weekend last year saw 166 auctions and a clearance rate of 81%.

Next weekend there are around 300 auctions scheduled.

Reserve Bank leaves cash rate at 4.5%. Unchanged.

There has been a shift in the residential property market in Melbourne over the past month, with six successive interest rates and unseasonably high auction numbers having an impact.

The number of homes on offer at auction is at the same level we normally see in the spring selling season and, in that context, clearance rates remain very healthy, this does provide buyers with a better opportunity than was the case earlier this year.

The clearance rate from the 924 auctions reported this weekend was 73% per cent.

On this weekend last year there were 667 auctions and a clearance rate of 82 per cent

There will be around 900 more auctions next weekend and then a record 1000 the weekend after the Queens Birthday long weekend.

The clearance rate this weekend was 74%, a result that is consistent with the last few weeks and signifies ongoing healthy demand for residential homes at auction. Interest rates and a large number of homes on the market continues to keep the clearance rate below pre-Anzac day norm of over 80%.

This weekend last year saw 475 auctions and clearance rate of 81 per cent. Vendors will have plenty of opportunity and choice in the next two weekends with just over 1860 auctions scheduled, an unprecedented number for this time of the year.

The clearance rate remained in the mid 70's this weekend, at 75%, a
very good result given the unseasonably high number of auctions this
May. Stock levels are so high that there have only been three months
with more auctions, October 2007, December 2007 and 2009, all in
spring when around 8-900 auctions over the weekend are a regular
feature. In previous years, 2008 being a good example, stock levels
increased in autumn and winter due to confidence from vendors, the
clearance rate fell to the mid 60's.

There were a total of 701 auctions reported this weekend of which 529 sold
and 172 were passed in, 113 of those on a vendors bid. The clearance
rate was 75 per cent.

This weekend last year saw 451 auctions and a clearance rate of 83
per cent. This weekend 2008 saw 578 auctions and a clearance rate of
64 per cent.

The REIV expects around 2,600 auctions between now and the Queen's
Birthday long weekend.

The clearance rate from this weekend's auctions was 78 per cent, only the second time in 12 months that it has been below 80 per cent.

The impact of 6 rate rises, affordability concerns and the unseasonally high stock levels are clearly having an impact on demand.

The result compares well to this time last year when there were 439 auctions and a clearance rate of 76 per cent.

Auction numbers remain high over the next three weekends with just under 2400 homes listed for sale.

This is shaping up as the busiest May for auctions on record. In the past 4 years Melbourne has averaged around 560 auctions a weekend in May compared to 800 this year.

The clearance rate this week was 84%, a result in line with the year to date clearance rate before today of 86 per cent, well above this weekend last year when it was 77 per cent and the corresponding weekend in 2008 when it was 63 per cent.

It is clear that as a result of a healthy economy and a stock shortage that the Melbourne residential market is very strong and it has not recorded such a demand level before Easter in recent times.

There were 1004 auctions reported this week with a total of 842 selling and 162 being passed in, 76 of those passed in on a vendors bid.

Next week is Easter and under 50 auctions are expected.

If demand is maintained at this level next weekend 2010 will have recorded the strongest pre-Easter market ever.

The clearance rate was 87 per cent, which means this weekend was substantially better than the same weekend last year when a low 341 auctions were reported with a clearance rate of 75 per cent.

Next weekend is highly likely to record a new record in terms of the financial value of homes sold with around 1076 auctions scheduled to occur.

After another weekend of strong demand and a clearance rate of 84%, it appears that this is the natural state for residential auction market this year. As none of the fundamental drivers of the market appear to be changing it is likely to remain this way for a few months yet, that means more strong competition, high prices and lack of supply. The release of the ABS dwelling commencement figures during the week will provide an indication if there will be an improvement in the medium term.

There are around 2000 auctions scheduled over the next two weekends.

As the number of homes on offer at auction has increased each weekend this month the clearance rate has not varied to a great extent. 

The weekend’s results remove any lingering doubts about the depth of demand in 2010. Buyers are very confident at the moment and find they have to compete to get the home that they want, which is leading to higher prices than expected and high clearance rates.

The clearance rate this weekend was 86 per cent from 909 reported auctions.

There were 818 homes sold and 127 passed in, 69 of those passed in on a vendor's bid.

Auction numbers reduce next weekend due to the Labour Day holiday, to around 250 and then they increase the following weekend to around 730.

Results this weekend have surpassed this time last year and provide a 
further indication that demand for residential property has not 
abated over January. This weekend last year saw 437 auctions and a 
clearance rate of 77 per cent, compared to 85 per cent this weekend.

There were 711 auctions reported this week of which 450 sold at auction,

152 Sold Before Auction and a further 109 properties passed in.

The clearance rate was 85 per cent, a result that continues the trend 
established in the last six months of 2009. There were also 677
private sales reported.

Results from this weekends auctions show that demand continues to be very strong with a clearance rate of 85% per cent recorded from 395 reported auctions.

This is the strongest result on this weekend in the past 5 years and highlights the overall lack of supply.

The auction market picked up where it left off last year with a clearance rate of 83% from the 161 reported auctions today. Buyers have not been dissuaded from strong bidding by the three interest rate rises last year nor the expectation that more will come this year. The reduction in financial assistance to first home buyers on 31 December does not appear to have had a negative impact either at this point, especially as population growth brings more buyers to the market, more than compensating for the fewer first home buyers. There were 161 auctions reported today of which 134 sold and 27 were passed in, 17 of those passed in on a vendors bid. The REIV expects just over 350 auctions next weekend.

   

    

 

   

Today’s cut will save a mortgagee with a typical 30-year, $300,000 home loan about $170 in monthly repayments if the lender passes on the full amount. Over the life of the loan, the savings will total about $61,272.

”There was a significant deterioration in world economic conditions late in 2008,” said RBA Governor Glenn Stevens in a statement accompanying the cut. ”The effects on household and business confidence of the financial turmoil following Lehman’s collapse, and continuing strains on major financial institutions, saw a significant downturn in demand around the world.”

The RBA has now lopped four full percentage points off its cash rate since it changed tack and began cutting rates last September. The cash rate has not been this low since 1960, according to Bloomberg data.

The rate reduction comes hours after the Federal Government announced a $42 billion stimulus plan aimed at keeping the economy out of a recession. The spending includes some $12.7 billion in cash payments and $28 billion on new infrastructure projects including roads and schools.

“What they have done is certainly enough, put together with the fiscal package,” said Michael Blythe, chief economist for the Commonwealth Bank. ”Policy setting in Australia is very stimulative, although we are quite likely to see rates lower” in the first half of 2009.”

Megan will be showing you into the world of Castran Gilbert and taking you to some exciting properties and introducing you to the staff and she is happy to find answers to all your real estate questions.