The robust Melbourne property market has resumed auction weekend without missing a beat following last week’s Easter holiday break.
The local market has produce strong and consistent results following a clearly confident and resilient beginning to the year and it looks set to remain that way.
A total of $147.8 million was reported sold at auction in Melbourne at the weekend.
Auction activity in Melbourne will continue to rise through to the Queen’s Birthday holiday break in June which will signal the beginning of the quieter winter auction market.
Melbourne recorded a clearance rate of 73.8 per cent at the weekend which was just below the 74.1 per cent recorded on the pre-Easter weekend a fortnight ago and also below the boom-time 77.5 per cent recorded over the same post-Easter weekend last year.
Saturday’s result was just below the average weekend rate of 75.4 per cent recorded over the past nine Saturdays with a high of 79.2 per cent and a low of 73.4 per cent reported over that period.
There were 482 homes listed for auction on Saturday which was well below the 562 listings reported last year over the same post-Easter weekend.
Auction listings are likely to remain below the levels recorded over the same period last year.
The Melbourne auction market continues to produce similar clearance rates between suburban regions.
The west recorded the highest rate at the weekend with a strong 79.5 per cent with the most sales at 66.
The next highest rate was the north east with 77.8 per cent followed by the inner east with 75.0 per cent, the south east with 73.9 per cent and the north with 73.7 per cent.
The inner city lagged behind with a clearance rate of 72.9 per cent, followed by the inner south with 72.7 per cent and the outer east with 72.1 per cent.
The most expensive property reported sold at auction at the weekend was a four-bedroom home at 5 Closeburn Avenue Prahran that sold for $2,415,000 by Kay and Burton.
The most affordable property reported sold at the weekend was a one-bedroom unit at 6/6 Cyril Street Elwood that sold for $235,000 by Woodards Carnegie.
Melbourne recorded a median auction price of $622,500 on Saturday which was below the $781,000 recorded two weekends ago.
Saturday’s median was also 7.1 per cent lower than the $670,000 recorded over the same post-Easter weekend last year.
For a full list of the Melbourne auction results click here