Saturday 17th & Sunday 18th November 2012 Market Update

A clearance rate of 64 per cent was recorded this weekend compared to 59 per cent last weekend and 49 per cent for the same weekend last year.

This time last year was the low point for the 2011 spring selling season and the result this weekend illustrates the improvement in the market this spring.

There were 837 auctions reported to the REIV this weekend, with 538 selling  and 299 being passed in, 194 of those on a vendor bid.

The REIV is expecting around 990 auctions on each of the next two weekends.

Enzo Raimondo CEO REIV

RESULTS

S Sold at Auction: 432

SB Sold before Auction: 105

SA Sold after Auction: 1

Passed in: 299

Passed in on vendor's bid: 194

Clearance rate: 64%

TOTAL AUCTIONS

This week: 837

Postponed: 1

Withdrawn: 6

Auctions with no result: 99

PS Private Sales: 549

Total Volume (Auctions): $392.49mil

Total Volume (Private Sales): $284.83mil

Total Auctions Houses: 543

Clearance Rate: 67%

Median Price: $721,000

Total Value: $298,891,550

 

Total Auctions Flats/Apartments: 277

Clearance Rate: 61%

Median Price: $520,000

Total Value: $90,381,887

 

Total Auctions Vacant Land: 14

Clearance Rate: 43%

Median Price: $367,500

Total Value: $1,941,000

 

SOURCE: REIV