Melbourne’s weekend auction market remained positive for sellers generally and significantly higher than the same time last year despite clearance rate falling to a three-month low.

Auction listings were also slightly lower at the weekend but consolidated the surge in auctions reported the weekend before.  Next weekend is important for the local market with the usual flood of pre-Melbourne Cup auctions, although numbers will likely be below previous years totals.  

Higher auction numbers will be welcomed by buyers, particularly in Melbourne’s strong Premium inner-suburban market where a shortage of homes for sale continues to produce robust competition at most auctions.

Melbourne

Melbourne recorded a clearance rate of 73.7% which was lower than the previous weekends 78.1% but remained well ahead of the 48.6% reported over the same weekend last year.

Auction numbers were also slightly lower at the weekend with 828 homes reported listed compared to the previous weekend’s 850 reported listed, but well below the 984 auctioned over the same weekend last year.

Melbourne recorded a median auction price of $845,000 at the weekend which was higher than the previous weekend’s $838,000 but lower than the $885,000 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 by Boroondara 73.1%, Stonnington 72.1% and Bayside 64.7%.

Port Phillip also again recorded the highest median house auction price at $2,337,000 followed by Stonnington $1,760,000, Boroondara $1,580,000 and Bayside $1,405,000.

 

Dr Andrew Wilson is Chief Economist for My Housing Market


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