Our Backyard – Torquay

Auction Rates Still Very Healthy

Auction volumes returned to higher levels last week across the combined capital cities with a total of 3,275 homes taken to auction; the higher volumes returned a strong preliminary auction clearance rate of 70.5 per cent. The previous week 1,992 auctions were held across the capitals with 66.1 per cent clearing, while over the same week one year ago a 78.4 per cent clearance rate was recorded across a higher volume of auctions (3,301).

Melbourne returned a preliminary auction clearance rate of 71.7 per cent last week, which was higher than final figures from the previous week which saw 69.8 per cent of auctions clearing. Melbourne’s higher preliminary clearance rate was across a significantly higher volume of auctions week-on-week, with 1,610 held, up from previous week’s 932 auctions as reported by RP Data.

The strength in the Torquay market has also encouraged the use of Auction Campaigns when selling homes to captialise on a very active buyer market. During 2014-15 the auction clearance rate hovered around 50%, with half of all properties being passed in when taken to auction. Housepricesau.com are presently reporting a 70% clearance rate or 29 properties being sold under the hammer in Torquay from a total of 42 properties being sold via an auction campaign.

As previewed in last week’s blog, 1 Hallis Court Torquay has recently been launched to the market place via an Auction Campaign. This property is  already generating a great level of buyer  interest due to its unique location close to the beach and in a great little family friendly court.

I hope you have a great weekend on the coast.

 

 

 

 

 

Ben Jackson

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