Melbourne’s premium home auction market produced stunning results over a Super Saturday of auctions with all regions recording clearance rates over 80%.

The autumn selling season has commenced strongly with enthusiastic sellers keen to take advantage of the current strong competition amongst buyers for available home.

March is set to build on February’s heady results with buyer and seller confidence in the Melbourne market now clearly fully restored.

Melbourne

The Melbourne weekend home auction market has concluded February with yet another robust result with buyers and sellers continuing to engage the market in numbers significantly higher than the same time last year.

Melbourne recorded a clearance rate of 80.4% at the weekend which was like the previous weekends 81.1% but well ahead of the 56.7% recorded over the same weekend last year.

Auction numbers continue to surge with 1,384 reported listed on Saturday which is well ahead of last weekend’s 1,123 and significantly higher than the same weekend last year’s 884.

Melbourne recorded a weekend median auction price of $897,500 which was higher than the previous weekend’s $879,000 and 15.5% higher than the same weekend last year’s $777,000.

Melbourne’s top performing regions at the weekend were the North and the North East with clearance rates of 87.8% and 86.8% respectively and with all regions reporting rates above 80% except for the West.

Capital city housing markets have generally reported a strong start to the year with clearance rates and auction volumes at the highest levels in years.  Despite the strong performance and higher home prices, the RBA is now more likely to cut official interest rates this coming week in response to recent weaker economic data and growing concerns over the global impact of the coronavirus.

Premium Melbourne

Stonnington region reported Premium Melbourne’s highest clearance rate at the weekend at 80.8%, closely followed by Boroondara 80.5%, Port Philip 80.2% and Bayside 80.0%.

Stonnington also recorded the highest median house auction price at $2,820,000 followed by Boroondara $1,986,000, Bayside $1,308,000 and Port Philip $1,260,000.

Comment

Dr Andrew Wilson is Chief Economist for My Housing Market


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