Warrnambool has recorded the highest auction clearance rate in Victoria with 100 per cent success in the June quarter, new data shows.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The city beat out all other metro and regional areas for the perfect scorecard.
The Real Estate Institute of Victoria (REIV) figures showed all 36 properties auctioned in the city had sold.
Rowville had the next highest clearance rate with 47 out of 50 properties selling at auction - a clearance rate of 94 per cent.
Warrnambool was the only regional area in the top 10 best selling areas for auctions.
The median price of the homes auctioned during the June quarter in Warrnambool was $523,500 but the median price of all properties sold in 2021 -22 was $605,000.
The popularity of auctions in the city has increased over the past five years with only seven auctions held in the June quarter in 2017, compared with 36 this quarter.
In 2020, at the height of pandemic lockdowns, only one property was auctioned and sold. Even before the pandemic in 2019 there were only five auctions and of those two sold.
The REIV data relies on agents reporting sales and clearance rates also includes those sold before and after auction day.
REIV president Richard Simpson said the rate showed it was "a really good year for Warrnambool properties".
"It shows there's good competition within the area with people wanting to move there, upgrade or downsize into that area," Mr Simpson said.
"In rising markets the number of auctions tend to go up because there's competition, so you go to an auction.
"You find in a falling market the number of auctions diminish because the competition or the depth of buyers isn't there."
Homeseeka Real Estate auctioneer and senior agent Tim Wells said it showed the strength of the city's market and it was still a "desirable place to purchase property".
IN OTHER NEWS
Our journalists work hard to provide local, up-to-date news to the community. This is how you can access our trusted content:
- Bookmark https://www.standard.net.au/
- Make sure you are signed up for our breaking and regular headlines and newsletters
- Follow us on Facebook, Twitter, Instagram and LinkedIn
- Tap here to open our Google News page.
- Join our Courts and Crime Facebook group and our dedicated Sport Facebook group
- Subscribe
Now just one tap with our new app: Digital subscribers now have the convenience of faster news, right at your fingertips with The Standard:
Have you signed up to The Standard's daily newsletter and breaking news emails? You can register below and make sure you are up to date with everything that's happening in the south-west.
