Melbourne June 21st auction report:
Melbourne’s weekend home auction market faded a touch at the weekend recording a clearance rate of 72.1 percent – its lowest non-holiday weekend result since the beginning of April.
Weekend clearance rates in Melbourne have also now averaged 72.1 percent over June so far which is down on the 74.1 percent weekend average reported over May.
Winter sales levels however remain healthy with high listing numbers continuing to characterise the Melbourne auction market. 778 properties going under the hammer at the weekend compared to the 714 auctioned over the same weekend last year.
With nearly 700 auctions scheduled next weekend in the metro area, Melbourne is set to break the record for the most number of auctions ever recorded for the month of June.
Melbourne’s best performed suburban region at the weekend was the inner south with a strong clearance rate of 83.1 percent.
Other top regional performers included unsurprisingly the outer east with a rate of 81.9 percent followed by the inner east 79.8 percent, the north 71.4 percent and the inner city with 69.6 percent.
Standout sales results in the inner east included a 4 bedroom home at 15 Raven Street Kew sold by Nelson Alexander for $2,810,000, another 4 bedroom home at 57 Athelstan Road Camberwell sold for $2,350,000 by Marshall White, a 4 bedroom home at 1570 High Street Glen Iris sold for $2,165,000 by Marshall White and another 4 bedroom home at 17 Crellin Grove Camberwell sold for $2,040,000 by Tap Real Estate.
The most expensive property reported sold at auction at the weekend was a 5 bedroom home at 42 Washington Street Toorak sold for $6,010,000 by Abercromby’s Real Estate.
The most affordable property reported sold at the weekend was a studio at 22/631 Punt Road South Yarra sold for $225,000 by Hocking Stuart.
Despite a recent modest waning in auction market activity, the prospects remain for a resilient Melbourne housing market performance over the usually quieter winter selling season.
This will be enhanced by the performance of the local economy that has shown recent signs of improvement with the ABS reporting that Melbourne created 23,700 jobs over May for an increase of 51,000 so far this year.
Melbourne’s unemployment rate is also on the improve falling to 6.1 percent and now well down on this year’s 7.3 percent high recorded over March.
Strong population growth will also be a driver of housing market activity in Melbourne with the ABS reporting that Victoria’s population surged by 1.9 percent or 107,900 over 2013 – the highest rate of growth of all the states except Western Australia.
Victoria also reported record levels of interstate migration recording a net intake of 7500 over 2013.