Melbourne’s premium home auction market moved into pause mode this holiday weekend following last weekend’s stunning Super Saturday results with all regions recording clearance rates over 80%.

The market will resume at near full pace next weekend with a significant increase in auction offerings and the prospect of the next phase of the autumn selling season set to highlight the strength of Melbourne prestige property.

Melbourne

The Melbourne auction market moved into pause mode this weekend with numbers well down on last weekend’s Super Saturday flood of listings. Holiday buyer activity however remained intense with clearance rates continuing at the strong levels recorded this year so far.

Melbourne recorded a holiday clearance rate of 71.9% on Saturday which was lower than the previous weekends 80.4% but well ahead of the 51.0% recorded over the same weekend last year.

Auction numbers were predictably well down this weekend with 345 reported listed which was well below last weekend’s 1,384 but significantly higher than the same weekend last year’s 145 auctions.

Melbourne recorded a weekend median auction price of $793,000 which was lower than the previous weekend’s $897,500 but 14.1% higher than the same weekend last year’s $695,000.

Melbourne’s top performing region again this weekend was the North East with a clearance rate of 88.9% followed by the Inner South with 81.5%.

Predictable action by the RBA this week to cut interest rates - and passed on in full by the banks, will act to reinforce current strong housing market activity. And given the latest underwhelming GDP data and potential negative economic issues associated with the coronavirus, another cut clearly remains on the cards - sooner rather than later.

Premium Melbourne

Stonnington region reported Premium Melbourne’s highest clearance rate at the weekend at 100% from low holiday numbers closely followed by Bayside 80%, Boroondara 64.3% and Port Phillip 50%.

Boroondara recorded the highest median house auction price at $2,260,000 followed by Bayside $1,402,750 and Port Phillip $1,353,750.

Comment

Dr Andrew Wilson is Chief Economist for My Housing Market


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