The Melbourne home auction market has recorded its second consecutive year-low result, with the typical mid-winter freeze on buyer and seller activity now clearly looming.
Melbourne reported a clearance rate of 71.7 per cent on Saturday, just below the 71.8 per cent recorded over the previous weekend and well below the 79.6 per cent reported over the same weekend last year.
Relatively high June auction numbers again challenged the local market, with 901 properties listed to go under the hammer on Saturday.
This was below the previous weekend’s all-time June record of 989 auctions, but higher than the 863 listed over the same weekend last year.
Regional results were reasonably similar to previous weekends, with the beginning of the private school holiday period likely to have affected outcomes in some inner-suburban markets.
The most expensive property reported sold at auction was a beachfront three-bedroom home at 34 Bowman Street, Aspendale, which sold for $3,065,000 by RT Edgar.
The most affordable property reported sold at the weekend was a three-bedroom home at 3 Grenville Place, Melton West, which sold for $250,000 by PRD Nationwide.
Melbourne recorded a median auction price of $759,000 on Saturday, which was lower than the $800,000 recorded the weekend before.
Saturday’s median was 1 per cent higher than the $752,500 median recorded over the same weekend last year.
A total of $353.2 million was reported sold at auction in Melbourne at the weekend.
High June auction numbers and the beginning of school holidays likely contributed to the lower result.
It is highly unlikely the market turmoil created by the Brexit vote had – or will have – any influence on market outcomes.
All eyes will be focused on this weekend’s federal election, although 200 homes are still scheduled to go under the hammer in Melbourne.
Underlying demand for housing remains strong in Melbourne, with latest Australian Bureau of Statistics data reporting total net migration into Victoria of 73,581 over 2015.
This was 10.2 per cent higher than 2014; the highest annual total for the state since 2008 and clearly the highest of all the states.
For a full list of the Melbourne auction results click here