Million Dollar Houses Selling Fast
The staggering spending habits of some home buyers has seen the equivalent of 12 $1 million-plus homes selling a day at auctions for the past three weekends, said Mal James from Melbourne’s James Buyers Advocates.
“There has been an incredible 180 sales over a million in the last fortnight including the Queen’s Birthday weekend,” Mr James said on his Saturday-night real-estate wrap.
A four-bedroom home in Chadstone, which sold for $1.26 million, and a nine-room Montmorency house, which went for $1.6 million in Victoria, were among the million-dollar sales.
Real Estate Institute of Victoria spokesman Robert Larocca said Mr James’ figures were in line with the record number of properties auctioned this weekend.
“That number would not surprise me because the number we record of over a million dollars is around seven, eight or nine per cent of the market,” Mr Larocca said.
The 942 homes for sale on Saturday and Sunday made it the biggest winter weekend in Melbourne ever.
It was twice the number of auctions at the same time last year and the trend was expected to continue next weekend when 880 auctions are scheduled.
Of the 942 properties for sale, 539 sold at auction, 98 sold before, one sold after and 304 were passed in.
“More people are actually physically selling their home, but they are not getting the increases that we saw three months ago,” Mr Larocca said.
Tags: 1 Million, 6 Million, Advocates, Birthday Weekend, Chadstone, Dollar Sales, Fortnight, Home Buyers, Homes For Sale, Larocca, melbourne, Million Dollar Houses, Million Dollars, Real Estate Institute Of Victoria, Saturday And Sunday, Saturday Night, Spending Habits, Spokesman, Three Months, Winter Weekend
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