Melbourne’s late summer auction market revival consolidated at the weekend with another solid performance.
Melbourne recorded an encouraging clearance rate of 77.3 percent on Saturday – ahead of the previous weekend’s 73.9 and coincidentally identical to the 77.3 percent recorded over the same weekend last year.
Surging listing in recent weeks from Melbourne’s popular inner suburbs has predictably lifted market activity with lower interest rates feeding into buyer confidence.
906 homes were listed for auction on Saturday well ahead of the 473 auctions of the previous weekend but still significantly below the 1140 auctions listed over the same weekend last year.
Melbourne’s eastern suburban buyer hot spots again provided the standout results at the weekend with significant contributions to the overall Melbourne result.
The outer east was again clearly the best performer recording another strong clearance rate of 85.7 percent.
Next best was the consistently popular inner east with 82.8 percent followed by the inner south 81.8 percent, the north east 80.7 percent, the south east 78.6 percent, the inner city 77.1 percent with the highest regional sales at 118, the west 70.8 percent and the north 69.6 percent.
Notable sales reported at the weekend
These included a 7 bedroom home at 20 Madden Street Balwyn North sold by Fletchers for $2,708,000, a 4 bedroom home at 36 Bourne Road Glen Iris sold by Marshall White for $2,540,000, a 1 bedroom home at 165 Ashworth Street Middle Park sold for $2,430,000 by Cayzer Real Estate, a 4 bedroom home at 7 Wiringa Avenue Camberwell sold for $2,380,000 by Marshall White and a 5 bedroom home at 34 Park Grove Richmond sold for $2,280,000 by Jellis Craig.
The most expensive property reported sold at auction at the weekend was A 5 bedroom home at 31 Cosham Street Brighton sold for $6,050,000 by Marshall White.
The most affordable property reported sold at the weekend was a 1 bedroom unit at 5/90 Roberts Street West Footscray sold for $181,000 by Burnham Real Estate.
Melbourne’s solid auction results over the past two weekends may reflect lower listing numbers compared to the same time last year.
Buyers are competing for relatively fewer properties particularly in the inner suburbs.
Next weekend the Melbourne auction market will host its first Super Saturday of the season as activity is brought forward to avoid a clash with the following Labour Day long weekend holiday.
Over 1,300 auctions are scheduled in the Melbourne metro area, which will be a record for a February Saturday.
Despite these record numbers, February auction numbers will still be below those listed over February last year.
High listing numbers however next weekend, will provide a significant test for a Melbourne auction market that has produced unequivocally solid results over the past fortnight.