Melbourne auction market rebounds courtesy of hot eastern suburbs | Dr Andrew Wilson

Melbourne’s auction clearance rate revived at the weekend as higher listings and sales from the eastern suburban hot spots lifted the market.auction

Melbourne recorded a solid clearance rate of 73.9 percent on Saturday – ahead of the previous weekend’s 67.2 percent and similar to the 74.2 percent recorded over the same weekend last year.

Another significant rise in auction numbers from the unusually quiet offerings of previous weekends continues to provide a more robust indication of the underlying nature of local market activity.

474 homes were listed for auction on Saturday compared to just 189 auctions the previous weekend but still well below the 616 auctions listed over the same weekend last year. 

melACRFeb14

Melbourne’s eastern suburban hot spots provided the big difference to the overall result this weekend with significantly higher number of listings and sales predictably lifting the market.

The outer east was clearly the best performer recording a strong clearance rate of 83.3 percent.

Next best was the west with  81.9 percent followed by the inner east 77.1 percent, the inner south 73.6 percent, the north east 71.8 percent, the inner city 69.2 percent, the south east 63.3 percent and the north 61.5 percent.

Melbourne’s east accounted for nearly 30 percent of all Melbourne auction sales reported at the weekend with a combined clearance rate of 81.1 percent.

MelbAucResFeb14

Notable sales reported at the weekend included:

A  5  bedroom home at 6 James  Street Surrey Hills sold for  $2,218,000 by Marshall White, a 3  bedroom unit at 38 Manning  Road Malvern East sold for  $2,115,000 also by Marshall White, another  3  bedroom home at 8 Johnson  Street Hawthorn sold for  $1,810,000 by Marshall White, a  4  bedroom home at 9 Susan  Street Sandringham sold by Buxton for  $1,700,000 and a  4  bedroom unit at 45 Price  Avenue Mount Waverley sold by Jellis Craig for  $1,688,000.

[sam id=54 codes=’true’] The most expensive property reported sold at auction at the weekend was a 5 bedroom home at 5 Winmalee Road Balwyn sold for $2,344,000 by Jellis Craig.

The most affordable property reported sold at the weekend was a 3 bedroom unit at 4 Mildura Crescent Dallas sold for $210,000 by Jason Real Estate Glenroy.

For a list of weekend auction results in Melbourne click here Melbourne auction results Saturday February 14

Melbourne’s auction market bounced back at the weekend with a higher clearance rate due largely to increased activity from the hot eastern suburbs market.

Early trends reveal significantly lower auction numbers over February compared to February last year. February 28th however is shaping as a mini Super Saturday as vendors rush to the market before the Labour Day long weekend holiday.

Latest ABS data confirmed a moderate performance by the Melbourne market last year with an increase in established house prices of just 5.4 percent over the year, well down on the 10 percent rise recorded over the previous year.

Another modest performance is in prospect for the Melbourne market generally this year weighed down by an under performing local economy.

Latest ABS jobless data was sobering with the national rate climbing to a 12 year high of 6.4 percent over January. The Victorian rate also increased to 6.6 percent.

More interest rate cuts are likely – and sooner rather than later.



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Andrew Wilson

About

Dr Andrew Wilson is Australia’s leading housing market expert. As senior economist for Fairfax-owned Domain Group, Dr Wilson is one of the nation’s most respected real estate analysts and Australia’s highest profile housing market commentator. Visit his blog at Domain


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