Melbourne Market Bounces Back Hard in 2019 — Who Were the Top Performers?

The Melbourne housing market recorded a sharp turnaround over 2019 with strong market conditions prevailing over December.

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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.

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Prices Now Rising Strongly. Bom-time auction clearance rates have translated into strong prices growth with the December median weekend auction price for Melbourne houses climbing by 10.2% compared to 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.

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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%.

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Property Price Higher

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.

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Dr. Andrew Wilson

About

Dr Andrew Wilson, of www.MyHousingMarket.com.au is Australia’s leading property economist.


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