Melbourne’s market reported a clearance rate of 73.8 per cent at auction on Saturday – almost identical to the 73.6 per cent recorded last weekend.
The city’s clearance rates have remained remarkably steady over autumn, however signs are emerging of a decline in the number of homes scheduled to go under the hammer.
There were 744 homes up for grabs on Saturday, down on last weekend’s 759 and well below the 995 auctioned over the same weekend last year.
Some parts of Melbourne are performing better than others.
After a strong few years, Melbourne’s inner and outer eastern regions have emerged as underperformers in recent months, reflecting high prices growth and subsequent affordability barriers emerging in those markets.
Melbourne’s budget and mid-priced suburbs continue to produce the strongest regional results with the north again recording the highest clearance rate on Saturday at 82.5 per cent.
Next highest was the inner south with 79.8 per cent followed by the west with 78.3 per cent, the inner city 77.5 per cent, the northeast 71.1 per cent, the outer east 70.8 per cent, the southeast 70 per cent, and the inner east with a clearance rate of 65.8 per cent.
The most expensive property reported sold at auction was a four-bedroom home at 66 Champion Street, Brighton, which sold for $3.9 million through Nick Johnstone.
The most affordable property sold was a four-bedroom home at 5 Kirra Court, Kurunjang, it sold for $283,000 through PRD Nationwide Melton.
Melbourne recorded a median auction price of $760,000 on Saturday, which was just above the $755,000 recorded last weekend but down on the $804,000 recorded over the same weekend last year.
A total of $305.6 million was reported sold at auction in Melbourne on Saturday.
Lower interest rates this month have failed to produce a noticeable spike in activity and the prospect of a possible post-election change to negative gearing for investors also seems to have had a benign impact on the market.
Melbourne’s rental market remains positive for investors with latest April vacancy rates for houses still tight at just 1.6 per cent indicating upward pressure on rents.
Although vacancy rates for units are higher at 2.4 per cent they remain well below the 3.1 per cent recorded over April last year – despite record apartment construction in the inner city.
For a full list of the Melbourne auction results click here