Melbourne’s pre-Easter holiday Super Saturday of autumn auctions produced overall healthy results for sellers, despite a record offering of homes for this time of the year.
With 1598 homes listed this weekend, a new record was set for the number of auctions conducted on an autumn Saturday.
It was also the second-highest auction day ever in Melbourne – just behind the all-time record of 1622 auction listings set on November 28 last year.
But Saturday’s figures were considerably higher than the previous autumn record of 1410 set on the same pre-Easter Super Saturday in 2015.
This weekend’s Super Saturday of auctions will remain the high watermark for listings at least until late spring and, on current trends, might hold as the biggest auction day of the year for 2016.
The auction market will now pause for a well-earned break over Easter following an early autumn season that has clearly been positive for most sellers.
Melbourne recorded a clearance rate of 74.1 per cent, which was higher than the previous weekend’s Labour Day holiday result of 73.4 per cent, but below the 78.9 per cent recorded during the same Super Saturday weekend in 2016.
The weekend result was just below the average rate of 75.8 per cent recorded over the past seven weekends and continues a remarkably consistent run of results for the local market this year.
Although auction numbers were at record levels on Saturday, it is likely that final autumn auction listings will be below 2015’s boom-time levels.
The high numbers of auctions over recent weekends have been inflated by changes to holiday scheduling this year, with Labour Day a week later and Easter a week earlier than in 2015.
This has acted to bring forward supply in the market.
Melbourne produced another remarkably consistent performance by the regional sub-markets. Less than 10 per cent separated the regional results on Saturday, indicating solid buying activity in most suburbs.
The north-east led the pack on Saturday, with a clearance rate of 79 per cent, followed by the inner city with 76.8 per cent, the inner south at 76.6 per cent and the west 75.8 per cent with the highest number of sales at 163.
The south-east had a clearance rate of 75 per cent, the north 73.1 per cent, the inner east 72.9 per cent and the outer east lagging behind with 69.3 per cent.
The most expensive property reported sold at auction at the weekend was a five-bedroom home at 39 Duke Street, Windsor, sold for $4,850,000 by RT Edgar.
The most affordable property reported sold at the weekend was a two-bedroom unit at 2/25 Ridley Street, Albion, sold for $180,000 by Barry Plant.
Melbourne recorded a median auction price of $781,000 on Saturday, which was significantly higher than the previous weekend’s $699,000.
Saturday’s median was also 2 per cent higher than the $766,000 recorded over the same Super Saturday weekend in 2015.
A total of $683.7 million was reported sold at auction in Melbourne at the weekend.
Clearance rates have been relatively consistent from weekend to weekend and continue to track at the highest levels since winter 2015.
However, final autumn auction numbers will likely be below last year’s boom-time results.
Click here for a list of weekend auction results in Melbourne