Market Snapshot

Mr Gil King, CEO of REIV reported yesterday that a clearance rate of 53 per cent was recorded this week compared to 47 per cent last week and 69 per cent this week last year. There were 739 auctions reported to the REIV, with 389 selling and 350 being passed in, 159 of those on a vendor bid. Thirty-three Outer Melbourne suburbs have recorded clearance rates of 100 per cent this year with a total of 61 listings, led by Mount Evelyn and Upper Ferntree Gully with seven auctions in each.

CLEARANCE RATE                             53%

LAST WEEK                                         739

AUCTIONS HELD                              1071

THIS TIME LAST YEAR                   1415