More heady results this weekend for Melbourne’s home auction market with clearance rates remaining strong and rising despite a surge in listings.  High clearance rates are predictably translating into strong prices growth with levels generally over 10% higher than last year at the same time. 

A sharp increase in Melbourne’s Premium suburb auction listings this weekend consolidated clearance rates are a trend and not a once off.   Inner suburban markets however are yet to be fully tested with a wave of Premium suburb listings expected over coming weekends that will provide hungry buyers with plenty of choices.

Melbourne

The Melbourne home auction market recorded another strong weekend of buyer activity with yet another clearance rate just below 80%.

Melbourne recorded a clearance rate of 79.6% at the weekend which was slightly higher than the previous weekends 79.0% and well ahead of the 57.8% recorded over the same weekend last year.

Higher listing numbers are proving no impediment to continuing strong clearance rates with 649 auctions reported on Saturday which was well ahead of the previous weekends 381 and significantly higher than the 561 reported over the same weekend last year.

Melbourne recorded a weekend median auction price of $826,500 which was higher than the previous weekend’s $752,000 and 10.2% higher than the same weekend last year’s $750,000.

Saturday’s auction market produced remarkably consistent regional results with all but two regions reporting clearance rates above 80%.  Top performer was the Inner City at 82.9% closely followed by the Outer East at 83.5%.

Latest ABS data has revealed a surge in end of year home loans which will likely continue into 2020 with buyer appetite clearly on the rise. 

Premium Melbourne

Bayside region again reported Premium Melbourne’s highest clearance rate at the weekend at 84.8%, followed by Port Philip 73.5%, Stonnington at 72.2% and Boroondara at 72.1%.

Boroondara recorded the highest median house auction price at $1,910,000 followed by Port Philip $1,625,000, Stonnington $1,579,500 and Bayside $1,167,000.

Dr Andrew Wilson is Chief Economist for My Housing Market


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