The latest happenings in the Melbourne property market. For our Essays and The Secret Agent Report, see our Research page.

Auction Wrap – June 26th & 27th 2010

Auction numbers remained high this weekend, with 827 taking place. Of the 827 that took place, 540 sold and 287 passed in, resulting in a clearance rate of 65% – the lowest clearance rate for some time.

Stock numbers are set to drop as we move forward into July with around 550 – 600 auctions per weekend.

This weekend 63 Newry Street, Fitzroy North was auctioned and sold for $1,455,000 after bidding was opened at $1,200,000 and it was announced on the market at $1,290,000. The property was offered for auction in 2007, but passed in at $720,000.

Next weekend is set to hold 590 auctions, providing buyers with less opportunity and will likely see an improvement in clearance rates.

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