Melbourne’s home auction market continues to produce strong results for most sellers despite the usual flood of late spring listings.

With buyer and seller confidence now generally restored in the local housing market, auction results have consolidated at the highest levels in three years.

Near record price growth is predicably attracting sellers into the marketplace keen to take advantage of strong buyer competition for homes before years end – particularly in Premium suburbs.    

Melbourne

Melbourne recorded a weekend clearance rate of 77.6% which was higher than the previous weekends 73.3% and the 43.3% recorded over the same weekend last year.

1,129 homes were reported auctioned on Saturday which was well ahead of the previous weekend’s 957 and again similar to the 1,151 listed over the same weekend last year.

Melbourne recorded a weekend median auction price of $890,500 which was again higher than the previous weekend’s $854,250 and the same weekend last year’s $832,500.

Melbourne’s Inner South was the top weekend regional performer with a clearance rate at 86.9% followed by the North East 85.1% and Outer East with 82.7%.

Melbourne hosted its second highest weekend of auctions so far this year on Saturday in a significant test of late spring buyer depth.  Another strong clearance rate however indicates current buyer appetite for property clearly remains robust

Premium Melbourne

Bayside region again reported Premium Melbourne’s highest clearance rate at the weekend at 96.0%, followed by Boroondara 77.9%, Stonnington 71.4% and Port Phillip 70.0%.

Stonnington recorded the highest median house auction price at $2,146,500 followed by Boroondara $1,800,000, Port Phillip $1,715,000, and Bayside $1,470,000.

Dr Andrew Wilson is Chief Economist for My Housing Market


Market Insights

Be the first in the know

Receive the latest Kay & Burton property news delivered straight to your inbox.

Subscribe now No thanks!