Demand holds despite rising rates

Yesterday's clearance rate was 63% for 464 auctions. This is up 1% on last Saturday, which had fallen 4% from the previous weekend.
"The fact that the remaining banks have increased their rates this week certainly hasn't provided any help to the market, but (activity) hasn't dropped as much as it could have," said Enzo Raimondo, chief executive of the Real Estate Institute of Victoria.
One of the highest prices paid yesterday was for 98 Rowell Avenue, Camberwell, which sold for $1,291,000, or 17% more than the reserve. The four-bedroom family house attracted four bidders, with strong enough competition for it to open at $1.05 million and sail easily past the reserve at $1.1 million.
"It went to a couple who had seen the property for the first time (that day)," said Hocking Stuart director Glen Coutinho.
Hocking Stuart reported a clearance rate of 63% for the 54 auctions held across its network yesterday, with five returning results of more than $1 million.
A vendor bid of $300,000 opened the auction of 12/37 Wheatland Road, Malvern, with competition between five bidders strong enough for the one-bedroom unit to sell for $368,000. Richard Wakelin, director of Wakelin Property Advisory, said the property had been declared on the market by RT Edgar for $38,000 less.

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