Melbourne’s weekend home auction market tracked backwards for the second weekend in row as signs emerge of a waning in buyer activity.
Melbourne recorded a weekend clearance rate of 73.8 percent which was the lowest result reported for two months.
This weekend’s result followed last weekend’s 75 .8 percent with a falling trend now developing.
This weekend’s result brings the 4 weekend average to 77.9 percent compared to 77.4 percent average for the previous 4 weekends.
High auction numbers may be a factor in declining clearance rates with metro Melbourne this weekend hosting 903 auctions – well up on last weekend’s 740 and ahead of the 874 listed over the same weekend last year.
August and September have been record months for spring auction volumes in Melbourne with October set to continue the record monthly performances for this time of the year.
The Melbourne spring market will peak over the pre-Melbourne Cup weekend with an all-time record of over 1500 Saturday auctions due to be conducted in the metro area. Record numbers of auctions will are set to test buyer levels with signs of a creaking market already evident.
Outer East Wins Out
The outer east again produced the leading clearance rate of all the suburban regions at the weekend with an 82.6 percent result from 86 listings.
This was closely followed by the inner east with 82.1 percent, the north with 80.3 percent, the south east with 80.0 percent, the inner bayside 77.3 percent, the west 71.3 percent and the inner city with an auction clearance rate of 70.2 percent.
Notable sales in the outer east reported at the weekend included a 4 bedroom home at 14 Orchard Grove Blackburn South sold by Noel Jones, for $1,710,000 a 3 bedroom home at 18 William Street Mount Waverley sold for $1,300,000 by Barry Plant, another 3 bedroom home at 5 Dean Avenue Mount Waverley sold for $1,270,000 by Jellis Craig and a 5 bedroom home at 18 Belvedere Avenue Wheelers Hill sold by Harcourts Glen Waverley for $1,210,000.
The most expensive property reported…
Sold at auction at the weekend was a 5 bedroom home at 73 Bowen Street Camberwell sold for $3,600,000 by Bekdon Richards.
The most affordable property reported sold at the weekend was a 1 bedroom unit at 7/45 Oakleigh Road Carnegie sold for $270,000 by Hocking Stuart.
Last week the Reserve Bank predictably decided to leave official interest rates at the current low settings for the 14th consecutive month.
Rates are set to remain on hold over the foreseeable future with some downward bias if the economy – particularly the jobless number – deteriorates. Latest ABS data reports the Victorian unemployment rate remained at 6.7 percent over September – and still the highest monthly result since December 2001.
See all the results at http://www.homepriceguide.com.au/