Melbourne’s auction clearance rate steadied on the weekend following recent falls, with cuts to mortgage rates yet to significantly impact market activity.
Melbourne reported a clearance rate of 74.3 per cent on Saturday, higher than the 73.1 per cent recorded on the previous weekend, but below the 78.6 per cent recorded on the same weekend last year.
The market continues to produce consistently solid results for sellers with clearance rates tracking in a narrow range over the year so far.
Since the Easter break, clearance rates have averaged 74.6 per cent, just below the 75.6 per cent averaged before Easter.
Auction numbers were well down on last Saturday’s 909 listings, with 759 homes scheduled to go under the hammer, which was also below the 837 listed on the same weekend last year.
Melbourne’s budget priced suburbs continue to outperform higher-priced inner suburban regions.
The north recorded the highest clearance rate on the weekend with 80.8 per cent followed by the west with 76.8 per cent and the highest sales at 76.
The outer east 75.6 per cent, the inner city 74.4 per cent, the south east 73.3 per cent, the north east 72.7 per cent, the inner east 70.7 per cent and the inner south with a clearance rate of 67.1 per cent.
The most expensive property reported sold at auction was a five-bedroom home at 24 St Vincent Place North in Albert Park sold for $7,805,000 by Marshall White.
The most affordable property reported sold at the weekend was a two-bedroom home at 34 Windrock Avenue in Craigieburn, which sold for $242,000 by Ray White Craigieburn.
Melbourne recorded a median auction price of $755,000 on Saturday which was lower than the $800,000 recorded the previous weekend.
Saturday’s median was 5.7 per cent lower than the $801,000 recorded on the same weekend last year.
A total of $313.1 million was reported sold at auction at the weekend.
Melbourne’s weekend auction market continues to produce steady results although recent signs indicate rising buyer activity in outer suburban budget to mid-priced markets and flattening activity in higher-priced inner suburbs.
Recent interest rate cuts have yet to produce a significant overall stimulus to the market although they would assist budget markets.
Latest ABS data reveals a flat result for residential lending overall for Victoria over March.
First home buyer activity however continues to gradually recover with numbers rising by 3.8 per cent over the month.
Home loan numbers for first home buyers have increased by 3.9 per cent over the full year to March compared to the previous year.
The average first home buyer loan in Victoria has fallen again for the fourth consecutive month indicating approved affordability for this group.
The March average loan of $335,500 was the lowest recorded since May last year.
For a full list of the Melbourne auction results click here