With holiday distractions final behind it, Melbourne’s mid-spring auction market has commenced positively with strong clearance rates for sellers and more choices for buyers.

A rise in listings at the weekend indicates growing interest from vendors, with buyer depth reflected by a strengthening clearance rate.          

Higher clearance rates and rising prices will continue to provide strong incentives for those considering selling, particularly in Melbourne’s booming Premium market.

Melbourne – Clearance Rates Rise Despite Higher Listings

The Melbourne weekend auction market reported another strong weekend for sellers generally with a clearance rate just under 80%.

Melbourne recorded a clearance rate of 78.1% which was higher than the previous weekends 74.5% and well ahead of the 51.0% reported over the same weekend last year.

Auction numbers also increased at the weekend with 850 homes reported listed which was well ahead of the 716 reported listed the previous weekend and also higher than the 823 auctioned over the same weekend last year.

Melbourne recorded a median auction price of $838,000 at the weekend which was higher than the previous weekend’s $790,000 and the $780,000 recorded over the same weekend last year.

Premium Melbourne – Consistently Strong Across all Municipalities

Port Phillip region reported Premium Melbourne’s highest clearance rate at the weekend at 87.0% followed by Boroondara 79.5%, Stonnington 76.2% and Bayside 68.8%.

Port Phillip also recorded the highest median house auction price at $2,105,000 followed by Boroondara $1,700,000, Stonnington $1,546,000 and Bayside $1,436,000.

Dr Andrew Wilson is Chief Economist for My Housing Market

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