Higher late spring listings generally have acted to ease auction clearance rates that nonetheless remain clearly in favour of most sellers.
Auction numbers in Melbourne’s Premium suburbs have however typically declined as the end of the season approaches – notably for higher-priced homes.
With just 3 weekends of auction activity now remaining, buyers and sellers are nonetheless set to conclude the strongest Melbourne spring selling season since 2016.
Melbourne Late Spring Market Eases
Melbourne recorded a weekend clearance rate of 71.5% which was well below the previous weekends 77.6% but higher than the 41.2% recorded over the same weekend last year.
1013 homes were reported auctioned on Saturday which was lower than the previous weekend’s 1129 but higher than the 918 listed over the same weekend last year.
Melbourne recorded a weekend median auction price of $872,000 which was lower than the previous weekend’s $890,500 but higher than the same weekend last year’s $800,000.
Melbourne’s South East was the top weekend regional performer with a clearance rate at 80.0% followed by the Outer East at 76.7% and Inner South with 75.4%.
With auction volumes now tracking consistently at the levels of a year ago, Melbourne’s clearance rates have faded over the past month, reflecting the typical pattern of the late spring market.
Boroondara region reported Premium Melbourne’s highest clearance rate at the weekend at 76.2% followed by Port Phillip 70.6%, Stonnington 66.7% and Port Phillip 63.4%.
Boroondara also recorded the highest median house auction price at $1,710,000 followed by Port Phillip $1,685,000, Bayside $1,470,000, and Stonnington $1,250,000.
Dr Andrew Wilson is Chief Economist for My Housing Market
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