The remarkably consistent Melbourne weekend auction market ended autumn on a high note, recording its highest clearance rate since April 16 – seven weekends ago.
The Melbourne market reported a clearance rate of 75.2 per cent on Saturday, which was higher than the 73.8 per cent recorded over the previous weekend but below the 82.8 per cent recorded over the same weekend last year during the exceptionally strong market conditions at that time.
Melbourne weekend clearance rates have averaged 75.1 per cent over autumn which is higher than the 70.2 per cent averaged over the same late spring market period last year.
Results have been consistent this year with a high of 79.2 per cent recorded on February 6 and a low of 73.1 per cent on May 7.
This past weekend’s higher clearance rate was recorded despite a surge in auction listings, with 1065 homes scheduled to go under the hammer.
This was well ahead of the 743 listed the previous weekend but down again on the 1099 auctioned over the same weekend last year.
Recent auction numbers have waned compared to last year over the same period although the total number of auctions conducted this year prior to the Queen’s Birthday weekend is set to be higher than the total for the same pre-holiday period last year.
Regional results were more consistent this weekend following recent signs of growing disparity between weaker inner and outer eastern suburbs compared to stronger results in other regions – particularly to the north and west of the city.
The most expensive property reported sold at auction was a five bedroom home at 14 Monomeath Avenue, Canterbury sold for $5,110,000 by Jellis Craig.
The most affordable property reported sold at the weekend was a one bedroom unit at 9/501 Punt Road, South Yarra sold for $260,800 by Williams Batters.
Melbourne recorded a median auction price of $821,000 on Saturday, which was above the $760,000 recorded the weekend before.
Saturday’s median was 3.9 per cent higher than the $790,000 recorded over the same weekend last year.
A total of $444.9 million was reported sold at auction in Melbourne at the weekend.
Melbourne has ended the autumn auction market on a high with yet another solid clearance rate continuing to underscore seller confidence in local market conditions.
Clearance rates have exceeded 70 per cent every weekend over the season with the market clearly tracking at its highest point since winter last year.
The current federal election campaign has proven no distraction so far to Melbourne buyers and sellers, with the local market set to host well over 800 auctions next Saturday prior to the following weekend’s mid-year break for the Queen’s Birthday holiday.
The winter market will start in earnest following the Queen’s Birthday with typically lower auction listings and clearance rates.
Auction activity, particularly in higher-priced suburbs, usually hibernates through winter awaiting the revival of the stronger spring market.
The Melbourne autumn market, however, has certainly built a solid platform for a robust winter market ahead.
For a full list of the Melbourne auction results click here