Melbourne’s weekend auction market bounced back at the weekend recording a strong clearance rate clearance rate of 75.5 percent.
This was higher than the previous weekend’s 72.7 result and just higher than the 75 percent recorded over the same weekend a year ago.
The Melbourne winter auction market continues to produce consistently solid results with the current four weekend average at 74.2 percent compared to the previous four weekend result of 73.3 percent.
Listings numbers have flattened over recent weekends as the market gears up for the spring selling season ahead.
This weekend 625 homes auctions were scheduled compared to the 624 auctioned the previous weekend. Auction numbers however remain above the listings recorded over the same weekend a year ago when 569 homes went under the hammer.
Melbourne’s south east recorded the best result of all the suburban regions at the weekend with a strong clearance rate of 87.5 percent.
This was closely followed closely by the ever-popular outer east with 87.3 percent with the north at 79.5 percent, the inner south 76.6 percent, the inner east 75 percent, the north east 74.5 percent and the inner city 74 percent .
The top sales in the outer east were all recorded in Glen Waverley which continues to be magnet for buyers.
The leading results were a 5 bedroom home at 25 Ivanhoe sold for $1,590,000 by Biggin and Scott, another 5 bedroom home at 32 Vermont Street old for $1,580,000 by Ray White Glen Waverley, a 4 bedroom home at 11 Grace sold by Jellis Craig for $1,510,000 and a 3 bedroom home at 1 Morocco Court Glen Waverley sold by Harcourts Glen Waverley for $1,212,000.
The most expensive property reported sold at auction at the weekend…
Was a 5 bedroom home at 58 Hanby Street Brighton sold for $3,990,000 by Nick Johnstone.
The most affordable property reported sold at the weekend was a 1 bedroom unit at 31/116 Inkerman Street St Kilda sold for $216,000 by Hocking Stuart.
Although Melbourne’s weekend auction market has produced consistently solid results so far this year with generally healthy competition amongst buyers for properties, prices growth is set to moderate.
Local incomes growth remains benign which will constrain the capacity of buyers to bid-up prices in the marketplace.
Latest ABS data reported that wages in Victoria increased by just 0.6 percent over the June quarter to be up by 2.8 percent over the financial year.
The June result was down on the 0.7 percent result recorded over the March quarter.
The latest Melbourne inflation rate reported that prices increased by 2.7 percent over the June quarter –a similar result to the Victorian increase in wages over the same period.
With flat growth in real wages continuing and the impact of the sharp fall interest rates over the past two years diminishing, Melbourne prices growth will continue to flatten – particularly as unemployment continues to rise.
Get all the auction results at http://www.homepriceguide.com.au/