Sales by auction compared to private sale in 2011
Sales by auction compared to private sale in 2010
The REIV has completed the first comprehensive analysis of sales method by suburb in Melbourne. This provides buyers, sellers and anyone with an interest in the local market with data about the most popular sales method.
When matched with the clearance rate by suburb data this provides a very detailed picture of the market, over time and at a local level.
A comparison of the use of auctions highlights the link with the state of the market. For example in 2010 when the market was stronger than it is now there were 27 suburbs, including Richmond, Northcote, Preston, Balwyn and Middle Park where more than 70 per cent of sales were by auction. In 2011 there were none as private sales increased in popularity due to lower levels of competition between buyers.
Information about metropolitan wide trends is available
At the other end of the spectrum there were 83 suburbs with less than 10 per cent of sales by auction in 2010 and that grew to 93 in 2011. Examples of suburbs with a very low volume of auction included Tarneit, Caroline Springs, Rowville, Werribee and Melton.
The common factor in these lists is that sale by auctions are far less prevalent in the outer suburbs than the inner city.
||Proportion of sales by auction |
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