Melbourne blue collar suburbs sell well at the weekend
A spike in sales in Melbourne has been concentrated to the blue collar or 'blue chip' suburbs as the weekend saw a sales clearance rate of 60 per cent.
The figures are mixed with the number of listings below the same time of last year, 618 compared with 642 last year. However the number of actual sales is four per cent above this time last year.
Real Estate Institute of Victoria (REIV) spokesperson Robert Larocca said that despite the fall in listings, the sales are still positive.
"Demand for homes offered at auction has remained consistent this weekend despite the increase in stock," he said.
The blue collar areas in the city's north and east are clearing properties at a percentage higher than that of the city's average which is 61 per cent.
"Next weekend the REIV expects around 750 auctions before most sellers take a break on the weekend of the AFL grand final," Larocca said.
The REIV reports that the weekend auction sales reaped a total of $289.58 million whilst private sales took in $216.32 million.
House prices as well increased with the median house price sold at the weekend, rising to $750,000 with the top price sold at Toorak, sold for $4.41 million.