The Melbourne housing market recorded a sharp turnaround over 2019 with strong market conditions prevailing over December.
Weekend auction clearance rates soared over the year with December’s 75.5% result significantly higher than the record low 44.8% recorded over December 2018.
Sellers Have Returned. Booming clearance rates and strong prices growth have reactivated home sellers with weekend auction listings rising sharply over the 2019 spring selling season.
Melbourne December auctions were 32.0% higher than for the same period in 2018.
Home Sales and Sales Value Soaring. High clearance rates from strong listing numbers have resulted in December action sales increasing by 73.8% compared to December 2018 with the value of homes sold at auction up by 228.3% over the year.
South East and North East Tops
The South East and North East were Melbourne’s top performing regions over December with weekend auction clearance rates of 83.8% and 83.6% respectively closely followed by the Inner South with 80.0%.
Melbourne’s Boom Suburbs. Melbourne’s top performing auction suburbs over the December quarter were Forest Hill, Clayton South, Caulfield South, Hughesdale and East Melbourne all reporting 100% weekend clearance rates with the highest listings.
Melbourne Prices Will Keep Rising in 2020. Melbourne’s recent strong home price growth is set to continue in 2020 with new record highs likely to be reached by mid-year.
Restored buyer and seller confidence will be boosted by cuts to interest rates, continuing strong migration and rising first home buyer’s courtesy of new government policies.
The Melbourne median house price is set to increase by 10% in 2020.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.