This weekend a clearance rate of 62% was achieved from 401 auctions. Of those properties, 199 sold and 154 were passed in, 60 of those on a vendor bid. There were also 165 private sales over the past week.

The number of auctions has dipped considerably this weekend compared to last weekend of the same weekend last year,but this is due to school holidays.

School holidays have now finished so we should see a rise in stock levels and auctions of the next one to two months before another slowdown due to the AFL finals.

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10/393 Gilbert Road, Preston. Sold for $702,000

Advertised at $580,000 – $630,000, the auction of this two bedroom unit in Preston surprised everyone when the opening bid was higher than the price guide. An opening bid of $640,000 kicked off the auction, and the battle began between three bidders offering $5,000 increments until the price reached the high $600,000’s. At that point bidding slowed down to $1,000 or $500 increments before the property was announced as sold at $702,000.

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17 Gipps Street, Richmond. Sold for $1,117,000

On a wide street in the heart of Richmond, this one bedroom plus study character-filled abode that sold for $67,000 past the reserve on Saturday. Two bidders, seeing the corner block’s potential, and loving the location being so close to Swan Street and the MCG, battled it out with bids of $10,000 and $5,000 increments. Bidding slowed to $1,000 increments before the hammer was brought down at $1.117 million.

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12 Turner Street, Abbotsford. Sold for $1,620,000

This large double fronted, beautifully renovated Victorian in arguably Abbotsford’s best street, attracted 50 onlookers to the auction. The auction commenced with a $1.4 million opening bid with two couples in their 30s going toe to toe in an attempt to win the keys. The bidding continued up to $1.6 million. When the home was declared selling. It was soon sold to the first couple to bid for $1.62 million.

Clearance Rates Melbourne

14 & 15 July 2018

This week: 401 Auctions

Clearance: 62%

Last Year: 77% [source: REIV]