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Australian Property Monitor figures had 473 properties listed for auction in Melbourne on the weekend with only 103 reported as sold for a clearance rate of 21.7%. Of these 473 auctions 16 properties were in Moonee Valley with only 7 selling showing yet again that the poorly attended auctions are not the way to sell in the current market place.

Goldman Sachs recently suggested that the true clearance rate for Melbourne auctions was in fact 11.8%, rather than the official 55.8% as apparently properties with no bids aren’t included in the final calculation.

Meanwhile with just 2 days left for the month of July, the Pennisi team are close to having our best month in 9 years. Tough market – Tough Agent.

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