The Melbourne auction market passed its biggest test of the year on Saturday with flying colours, recording another strong clearance rate despite a flood of listings.

Although lower listing numbers have been a feature of this year’s spring market to date, Saturday’s numbers were close to last years’ Super Saturday weekend.

Vendors are now moving back into the market keen to take advantage of strong selling conditions with rising prices and secure a sale before years end.

Strong auction results were recorded across the board in Melbourne’s premium suburban regions with remarkably consistent clearance rates reported despite the surge in pre-Cup holiday weekend listings.

Underlying demand for premium homes clearly remains robust with strong buyer competition placing upward pressure on prices.  

Melbourne

Super Result for Melbourne Auction Market on Super Saturday.

Melbourne auction clearance rates remarkably rose to near boom-time levels despite a flood of listings on the year’s biggest auction day.

Melbourne recorded a month-high clearance rate of 78.5% on Saturday which was higher than the previous weekends 73.7% and well ahead of the 49.0% reported over the same weekend last year.

Auction numbers predictably soared on Saturday which is typically the biggest auction day of the year as sellers avoid a clash with next weekend’s Melbourne Cup holiday.

A staggering 1400 homes were reported listed for auction at the weekend which was well ahead of the previous weekends 828 and similar to last year’s 1454 auction over the same weekend

Melbourne recorded a median auction price of $879,000 at the weekend which was again higher than the previous weekend’s $845,000 but lower than the $900,000 recorded over the same weekend last year.

Premium Melbourne

Port Phillip region again reported Premium Melbourne’s highest clearance rate at the weekend at 77.8% followed closely by Boroondara 77.6%, Bayside 75.0% and Stonnington 74.5%.

Stonnington recorded the highest median house auction price at $1,872,000 followed by Boroondara $1,790,000, Port Phillip $1,403,000, and Bayside $1,120,000.

Dr Andrew Wilson is Chief Economist for My Housing Market


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