Auctions turn a corner

AUCTION clearance rates in Melbourne have remained above 60 per cent for the fourth consecutive weekend.

MELBOURNE'S property market has received another good sign with clearance rates remaining above 60 per cent for the fourth consecutive weekend.

But all eyes are already on the coming weekend, with the 1180 anticipated auctions almost doubling the numbers in recent weekends.

"A significant test for the market will occur next weekend when around 1200 auctions are expected, the highest number for a weekend since December in 2010," said Real Estate Institute of Victoria spokesman Robert Larocca.

In total, 62 per cent of the weekend's 691 auctions recorded a sale, with REIV figures revealing the inner-east has posted a staggering 79 per cent clearance rate, while properties in the west continued to struggle at 52 per cent.

The inner-city market also performed well with a 75 per cent clearance rate.

Both house and unit sales performed strongly, slightly over the median, but margins have been brought down by poor results for land auctions held over the weekend, with a clearance rate of just 26 per cent.

Better house stock appears to be moving onto the market with median prices creeping up again for the second week in a row, jumping more than $40,000 on the previous week to $720,000.

Units and apartments also posted a boost in medians, rising $30,000 to $515,000.

A further signal that stocks may be improving comes with the sale of two houses at nearly $200,000 above the reserve over the weekend.

Hocking Stuart netted an extra $190,000 on the hopes of a vendor of a Cain Avenue, Northcote, property that fetched $1.23 million.

They also recorded a Mt Waverley sale up a hefty $170,000 over the reserve.

But the private market just edged out the weekends auctions with $310.31 million worth of property changing hands away from auction, just under $3 million over the total for those sold at auction.

However, the top of the market was snatched at auction by a Deepdene Rd, Balwyn, property with a price tag of more than $4.5 million.

AUCTIONS:
Total - 691
Sold - 345
Sold before - 82
Sold after - 1
Total value - $307.65 million
Passed in - 263
On vendor's bid - 154
Clearance rate - 62

TOP FIVE
$4,550,000 (house)
29-31 Deepdene Rd, Balwyn
$2,925,000 (house)
7 Crowther Pl, Brighton
$2,647,000 (house)
47 Delbridge St, Fitzroy North
$2,510,000 (house)
57 Alexandra Av, Canterbury
$2,100,000 (house)
8 Gurner St, St Kilda

FIVE MOST AFFORDABLE
$188,000 (house)
29 Wilson Rd, Melton South
$210,000 (house)
7 Gloucester Way, Melton West
$285,000 (house)
3 Bundara Ct, Frankston
$290,000 (apartment)
12/406 Station St, Bonbeach
$295,000 (apartment)
106B Barry St, Reservoir