Yet another steady result for resilient Melbourne auction market | Dr Andrew Wilson

The Melbourne weekend home auction market continues to record remarkably consistent results despite the onset of the usually quieter winter selling season and high listing numbers.

Metro Melbourne recorded a healthy auction clearance rate of 73.8 percent at the weekend from a market that remains encouraging for sellers.

Melbourne’s auction market has continued to stand up with solid performances over the past 7 weekends since the Anzac Day weekend break averaging 73.5 percent including last weekend’s expected Queens Birthday holiday low of 70.3 percent.

Ahead of this time last year

dr andrew wilsonThis weekend’s auction clearance rate is also again well ahead of the 67.9 percent recorded over the same weekend a year ago.

Robust clearances rates have been recorded in Melbourne despite unprecedented numbers of auctions conducted for this time of the year.

This weekend 856 homes went under the hammer which was well above the 777 auctioned over the same weekend a year ago.

High auction numbers are set to continue to test the Melbourne market through June with 778 homes scheduled to go under the hammer next weekend – again ahead of last year’s 714. Melbourne is on track to break the record for the most number of auctions ever recorded for the month of June.

Melbourne’s best performed suburban region at the weekend was as usual the outer east with another strong clearance rate of 89.4 percent. Other top regional performers included the inner east with a rate of 80.6 percent followed by the inner south 79.2 percent, the west 75.4 percent and the inner city 75.3 percent.

Standout sales results in the inner south included a 3  bedroom home at 40 Lynch  Crescent Brighton sold for  $1,784,000 by Hocking Stuart, a  3  bedroom home at 17 Main  Street Elsternwick sold by Marshall White for  $1,560,000, a  4  bedroom home at 20 Grange  Road Sandringham sold for  $1,400,000 by Buxton and another  4  bedroom home at 77 Grange  Road Sandringham sold for  $1,260,000 by Hodges.

The most expensive property reported sold at auction at the weekend was a 5 bedroom home at 21 Mowbray Street Hawthorn East sold by Marshall White for $4,650,000. The most affordable property reported sold at the weekend was a 3 bedroom home at 16/10 Claude Street Seaford sold for $262,000 by Eview Real Estate Partners.

Melbourne’s weekend home auction market continues to produce healthy results for sellers despite high winter market listing numbers.

Latest data provides generally positive news for the Melbourne market with the ABS Victorian seasonally adjusted unemployment rate over May falling from 6.4 percent to 6.2 percent –the lowest monthly rate this year so far.

You can read all the auction results at http://www.homepriceguide.com.au/

ABS home April loan data for Victoria was also generally positive for the Melbourne housing market.

Owner-occupied loan numbers increased by 1 percent despite the Easter and Anzac Day holiday breaks during the month with the average loan value rising by 3.4 percent indicating continued upward price pressure.

Not so positive news for Victorian first home buyers from the ABS April stats with total loan market share for that group falling to just 8.1 percent- the lowest on record.

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Andrew Wilson

About

Dr Andrew Wilson is Australia’s leading housing market expert. As senior economist for Fairfax-owned Domain Group, Dr Wilson is one of the nation’s most respected real estate analysts and Australia’s highest profile housing market commentator. Visit his blog at Domain


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