Melbourne’s February home auction market got off to a hot start as buyers pounced on the weekend’s significantly higher listing numbers.
Melbourne reported a strong clearance rate of 78.5 per cent on Saturday, which was well ahead of the 70 per cent recorded the previous weekend from a handful of listings. The clearance rate was similar to the 79.2 per cent reported over the same Saturday last year.
The local market has started off 2017 positively, with results so far similar to those recorded through December 2016 when clearance rates averaged nearly 80 per cent – despite the usual end-of-year surge in listings.
Auctions numbers were significantly higher at the weekend, with the clear end of the holiday distractions of the previous six weeks. About 190 homes were scheduled to go under the hammer, which was well ahead of the previous Saturday’s 45 and similar to the 200 auctions conducted over the same weekend last year.
Regional auction results at the weekend also had a familiar look, with the strong performers of last year continuing to record exceptional clearance rates for sellers. The north east came in with a perfect score of 100 per cent, followed by the outer east with 88.2 per cent, the south east with 84.2 per cent, the north with 81.8 per cent, the west with 76.9 per cent and the highest number of sales at 30, the inner east with 71.4 per cent, the inner south with 69.2 per cent and the inner city with a weekend clearance rate of 66.7 per cent.
Notable sales reported at the weekend included:
Regional clearance rates. Photo: Andrew Wilson
The most expensive property reported sold at auction was a three-bedroom home at 30 Station Street, Burwood, which sold for $1,755,000 by Buxton. The most affordable property reported sold at the weekend was a one-bedroom unit at 2/3 Eldridge Street, Footscray, which sold for $216,000 by Sweeney.
Melbourne recorded a median auction price of $652,500 on Saturday, which was lower than the $741,500 reported the previous weekend and 5.8 per cent lower than the $692,500 recorded over the same weekend last year. A total of $64.6 million was reported sold at auction in Melbourne at the weekend.