There can be no doubt that ongoing concerns about the health of the global economy are having an impact on the confidence of buyers in the Melbourne auction market. There have been a total of 628 auctions reported of which 335 sold and 293 were passed in, 195 of those on a vendors bid.
Next weekend there are only 50 auctions, less than half of those on Saturday. No clearance rate will be issued.
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Total Auctions
This week: 628
Last week: 639
This time last year: 65
S= Sold at Auction: 275
SB= Sold before Auction: 58
SA= Sold after Auction: 2
Passed in: 293
Passed in on vendor's bid: 195
Clearance rate: 53%
Postponed: 4
Withdrawn: 6
Auctions with no result: 84
PS Private Sales: 505
Total Volume (Auctions): $232.54mil
Total Volume (Private Sales): $226.67mil
Total Auctions Houses: 395
Clearance Rate: 54%
Median Price: $712,000
Total Value: $170,222,300
Total Auctions Flats/Apartments: 218
Clearance Rate: 54%
Median Price: $487,500
Total Value: $61,016,250
Total Auctions Vacant Land: 13
Clearance Rate: 23%
Median Price: $290,000
Total Value: $1,304,000
Source: www.reiv.com.au