22 Apr 2015 By: Greg Hocking 0 Comment
Melbourne’s auction market delivered another strong result last weekend with a clearance rate of 79 per cent coming from a total of 1060 auctions reported to the REIV.
The current streak is the strongest rally the market has seen since 2010 and the consistently positive results have been welcomed by sellers across Melbourne. Confidence is high and buyer competition remains solid with plenty of investors active in the market.
The effects of sustained buyer competition are particularly pronounced in the inner city suburbs (those within a 10 kilometre radius of the CBD) where the median price has reached a new high of $1,164,500. This represents growth of 6 per cent since the December quarter when the median price was $1,099,000.
In the middle ring suburbs, median house prices rose 4.4 per cent to $791,000 during the March quarter.
First quarter auction volumes have been impressive: 7,600 auctions so far this year with an astonishing 4,200 of them in March alone.
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