Melbourne’s home auction market is off and running this year and recorded its strongest weekend result since the middle of August last year.
Melbourne reported a clearance rate of 79.2 per cent on Saturday which was well ahead of the previous weekend’s 74.1 per cent and also significantly higher than the 67.2 per cent recorded over the same weekend last year.
Early season auction results can be volatile reflecting relatively low numbers of auctions and an uneven mix of property types, regions and price ranges.
The past two weekends however have clearly indicated a resilient local housing market with continuing solid underlying demand and supply drivers.
On Saturday, 203 auctions were listed, which was significantly higher than the 97 auctioned over the previous weekend and also higher than the 189 listed over the same weekend last year.
Predictably, more inner suburban homes were auctioned at the weekend with the proportion set to increase sharply over coming weekends.
Regional results were nonetheless reasonably even notwithstanding the still low volumes of inner suburban offerings.
The inner east reported the highest regional clearance rate at the weekend with 88.9 per cent with only one out of the nine reported auctions failing to sell under the hammer.
Next highest was the southeast with 86.7 per cent followed by the northeast 82.6 per cent, the inner city and the west each 80 per cent, the outer east 79.4 per cent with the highest number of sales at 27, the north 78.6 per cent and the inner south with a clearance rate of 75 per cent.
The most expensive property reported sold at auction at the weekend was a five-bedroom home at 10 Milverton Street, Camberwell sold for $1.91 million by Fletchers.
The most affordable property reported sold at the weekend was a one-bedroom unit at 11/13-15 Dover Street, Flemingtonsold for $274,000 by Nelson Alexander.
Melbourne home auction results
The median auction price on Saturday was $692,500 – significantly higher than the previous weekend’s $570,500 as a result of the higher proportion of inner-suburban, higher-priced auction sales. Saturday’s median however was 5.9 per cent lower than the $736,000 recorded over the same weekend last year.
The Melbourne weekend auction market has started the early-year selling season with the best results for this time of the year since 2010.
Stern tests however await the market with significantly higher auction numbers scheduled over coming weekends.
Next weekend around 450 auctions will be held in Melbourne with around double that amount expected the following weekend providing plenty of choice for buyers and plenty of competition for sellers.
Certainly it is so far so good for the local market.
For a full list of the Melbourne auction results click here.