Spring selling season draws to a close in Melbourne
Buyers emerged in droves for the last weekend of the spring selling season in Melbourne, resulting in another strong weekend of residential property auction sales.
According to the Real Estate Institute of Victoria (REIV), 853 properties went under the hammer over the two days, recording a 60 per cent clearance rate.
Last weekend saw a clearance rate of 61 per cent, while during the same period last year the clearance rate was 52 per cent.
"November was the fourth consecutive month with a clearance rate in excess of 60 per cent," REIV chief executive officer Enzo Raimondo said.
Out of the 853 dwellings that went to auction, 511 sold and 342 were passed in - of which 218 was on a vendor bid.
The priciest home to sell was a Hawthorn house for $3.11 million, while the least expensive was a Craigieburn property for $227,000.
One buyer forked out $1.77 million for a South Yarra apartment - the most expensive that sold over the two days.
Just under 1,000 auctions are expected next weekend.