Melbourne’s auction market has commenced the 2020 autumn selling season with strong clearance rates from higher listing numbers compared to the same time last year.  Auction prices are also sharply higher compared to the same time last year.

Melbourne’s Premium suburb regions have yet to be tested but have nonetheless so far recorded high clearance rates from predictably small early season listing numbers.

Although it is still early days, a surge in listings over coming weekends leading up to the Labour Day long weekend holiday, will test the current strong appetite for property from Melbourne buyers – particularly for inner-suburban premium locations.

Melbourne

The Melbourne weekend auction market has made a strong start to the autumn selling season with clearance rates hovering around boomtime levels despite rising listing numbers.

Melbourne recorded a clearance rate of 79.0% at the weekend which was higher than the previous weekends season opener of 71.6% and well ahead of the 57.8% recorded over the same weekend last year.

Auction numbers were predictably higher on Saturday with 381 listings compared to the previous weekends 133 and well ahead of the 300 listed over the same weekend last year.  Auction numbers will continue to surge with well over 600 homes set to be auctioned next weekend.

Melbourne recorded a weekend median auction price of $752,000 which was higher than the previous weekend’s $720,000 and 14.8% higher than the same weekend last year’s $655,000.

The Inner South was the leading Melbourne region at the weekend with a clearance rate of 91.7% followed by the Inner City 88.9% and the South East 84.6%.

Although the prospect of an early year rate cut from the RBA has diminished, the Melbourne housing market will continue to be activated by heady confidence - and surging first home buyers. 

Premium Melbourne

Bayside and Stonnington regions reported Premium Melbourne’s highest clearance rate at the weekend with 100.0% results followed by Port Philip 88.9% and Boroondara 83.3%.

Port Phillip recorded the highest median house auction price at $2,190,000 followed by Boroondara $1,478,500 and Bayside $1,020,000. Stonnington did not record a median due to too few published results.

Dr Andrew Wilson is Chief Economist for My Housing Market


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