Melbourne’s auction market has concluded a remarkable turnaround over 2019 with yet another weekend of strong results to end the year despite high numbers of summer listings.

Melbourne’s Premium suburb regions have soared over the year with buyers and recently sellers returning in force to engage robust local markets.

Current market momentum will carry over into 2020 driven by restored and rising confidence, lower interest rates, more first home buyers and investors, continued strong migration and a lack of newly built stock which will likely translate into overall double figure home prices growth over the year.

Melbourne

The revived Melbourne weekend auction market has concluded 2019 with yet another robust result for sellers despite surging end of year listings.

Melbourne recorded a weekend clearance rate of 74.4% which was slightly lower than the previous weekends 76.1% but significantly higher than the 44.5% recorded over the same weekend last year.

Melbourne hosted another big weekend of summer auctions with 1,226 homes reported listed which is similar to the previous weekends 1,282 auctions but well ahead of the 927 auctioned over the same weekend last year.

Melbourne recorded a weekend median auction price of $760,000 which was again lower than the $855,000 from the previous weekend but higher than the $705,000 from the same weekend last year.

The Melbourne market is set to continue its recent generally strong performance into 2020 with demand supported by nation-leading migration, more first home buyers, rising investor activity and dwindling new housing stock.

Premium Melbourne

Bayside region reported Premium Melbourne’s highest clearance rate at the weekend at 88.1% followed by Boroondara 72.9%, Port Philip 70% and Stonnington 65.5%.

Stonnington recorded the highest median house auction price at $1,945,000 followed by Bayside $1,720,000, Boroondara $1,542,000, and Port Phillip $1,430,000.

Dr Andrew Wilson is Chief Economist for My Housing Market


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