The Melbourne weekend auction market held steady on Saturday with another strong result despite a record day for autumn listings.
Melbourne recorded a clearance rate of 78.9 percent just below the 79.2 percent recorded over the previous weekend but well ahead of the 72.3 percent recorded over the same pre-Easter weekend last year.
The Melbourne market has stepped up a gear this year with clearance rates averaging 79.5 percent over the past month.
This is the highest underlying rate reported since the strong market conditions of 2010.
This weekend’s strong result was particularly noteworthy given the record number of properties listed for auction that provided buyers with more choice and sellers with more competition.
1410 homes were listed as sellers surged into the market to avoid the distractions of the coming Easter, school holidays and ANZAC Day holiday period.
Saturday’s auction listing number was the highest for an autumn day in Melbourne, the third highest for any day and was 26.2 percent higher or 293 more than were listed the previous weekend.
Melbourne’s outer east continues to produce stunning clearance rates each weekend with another region leading 94 percent recorded on Saturday. Clearance rates from the outer east are now consistently tracking above 90 percent each weekend from what is clearly Melbourne’s hottest regional market.
Next best was the inner south with 88.2 percent followed by the inner east with 84.9 percent and the most regional sales at 152, the north east 80.0 percent, the inner city 72.9 percent, the west 72.2 percent, the north 70.1 percent and the south east 59.0 percent.
Notable sales reported at the weekend include…
A 5 bedroom home at 41 Tower Road Balwyn North sold for $3,450,000 by Marshall White, a 4 bedroom home at 12 Swinton Avenue Kew sold for $3,450,000 by Jellis Craig, another 4 bedroom home at 84 Kinkora Road Hawthorn sold for $3,160,000 by Marshall White and 3 bedroom home at 113 South Road Brighton sold by Buxton for $2,910,000.
The most expensive property reported sold at auction at the weekend was a 3 bedroom home at 191 Gore Street Fitzroy sold for $3,580,000 by Nelson Alexander. The most affordable property reported sold at the weekend was a 1 bedroom unit at 14/11-17 Park Street St Kilda West sold for $230,000 by Biggin and Scott.
For a list of weekend auction results in Melbourne click here Melbourne auction results Saturday March 28
The strong Melbourne weekend home auction market will take a breather over the coming holiday distracted weeks.
April will accordingly be a quieter month for auction activity following the hectic start to the year.
The auction market typically winds down gradually after Easter through to the subdued mid-winter period before reviving in spring.
This year however buyers remain hungry for property which will likely keep upward pressure on clearance rates over coming months.
With strong auction market conditions local house prices are certain to keep rising.
The median price for houses sold at auction in Melbourne this super Saturday was $847,000 compared to $737,000 over Super Saturday last year and increase of 14.9 percent.
Strong auction market activity and rising prices particularly in Melbourne, Sydney and Brisbane also certainly provides more food for thought for the Reserve Bank and interest rate settings
Read more at Domain.
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.