Melbourne’s auction market generally bounced back hard at the weekend despite a flood of listings to conclude spring.

Auction numbers in Melbourne’s Premium suburbs also rebounded sharply at the weekend with an increase in clearance rates reflecting underlying strong appetite for available properties from buyers homes.

The local housing market has undergone a remarkable transformation this spring compared to spring last year, rising to boom-time conditions with home prices now rising sharply.

Melbourne

The Melbourne home auction market bounced back at the weekend following the previous weekends 4-month low clearance rate - despite a remarkable surge in late spring listings

Melbourne recorded a weekend clearance rate of 75.8% which was higher than the previous weekends 71.5% and the 44.4% recorded over the same weekend last year.

1,328 properties were reported listed for auction on Saturday which was well ahead of the 1,013 auctioned over the previous weekend and also higher than the 1086 listed over the same weekend last year. Saturday’s auction numbers were also the second highest reported over the year so far.

Melbourne recorded a weekend median auction price of $865,000 which was lower than the previous weekend’s $872,000 but higher than the same weekend last year’s $825,000.

The Outer East was yet again a top regional performer at the weekend with a leading clearance rate of 83.3% followed by the Inner South with 80.2% and the North with 77.3%.

The Melbourne weekend auction market has ended spring on a high with another clearly positive result for sellers generally who have moved back into the market in significantly higher numbers over the past month. 

Premium Melbourne

Port Phillip region reported Premium Melbourne’s highest clearance rate at the weekend at 79.6% followed by Port Bayside 77.6%, Boroondara 76.9% and Stonnington 74.1%.

Boroondara recorded the highest median house auction price at $1,763,000 followed by Bayside $1,745,000, Port Phillip $1,643,000, and Stonnington $1,540,000.

Dr Andrew Wilson is Chief Economist for My Housing Market


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