Melbourne’s auction market continues to produce strong results generally for most sellers with no sign of slowing down as the end of the year approaches.

Clearance rates increased at the weekend despite another significant number of listings reflecting rising market confidence from sellers.

Melbourne’s Premium suburb regions recorded sharply higher clearance rates at the weekend with buyers keen to secure property with just one full week of auction activity remaining for the year.

The strong market conditions over spring have translated into record-level prices growth with current market momentum set to continue into 2020. 

Melbourne

Melbourne has commenced summer with more strong weekend auction market results and no sign of an easing in buyer or seller activity.

Melbourne recorded a weekend clearance rate of 76.1% which was similar to the previous weekends 75.8% but significantly higher than the 44.2% recorded over the same weekend last year.

Auction sellers continue to engage the local market in robust numbers with 1282 homes reported listed on Saturday which was similar to the previous weekends 1328 but well ahead of the 1028 auctioned over the same weekend last year. 

Melbourne recorded a weekend median auction price of $855,000 which was again lower than the previous weekend’s $865,000 but higher than the same weekend last year’s $790,000.

Most Melbourne regions reported clearance rates above 80% at the weekend in a remarkably consistent performance with the North East the top performer at 84.3% followed by the Outer East 82.8% and the Inner City 82.4%.

Next weekend’s final full weekend of Melbourne auctions is set to close a strong spring selling season with near boom-time clearance rates and sharply higher prices.

Premium Melbourne

Stonnington region reported Premium Melbourne’s highest clearance rate at the weekend at 93.5% followed by Boroondara 83.8%, Bayside 82.7% and Port Phillip 76.2%.

Boroondara recorded the highest median house auction price at $2,012,000 followed by Stonnington $1,690,000, Bayside $1,425,000, and Port Phillip $1,355,000.

Dr Andrew Wilson is Chief Economist for My Housing Market


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