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Strong Melbourne property market unfolding as super Saturday looms

Another significant rise in auction numbers has failed to quell buyer activity, as momentum continues to build in what is clearly unfolding as yet another strong Melbourne housing market this year.

Melbourne recorded a clearance rate of 79 per cent on Saturday, slightly higher than the 78.8 per cent the previous weekend and just above the 77.9 per cent over the same weekend last year.

About 900 homes were listed for auction on Saturday, which was a substantial increase from the 469 auctioned the previous weekend and similar to the 929 recorded over the same weekend last year.

Melbourne’s clearance rates. Photo: Andrew Wilson
 

Melbourne’s northern suburbs again recorded strong auction results at the weekend, while the inner city was back as a top performer after trailing the regions the previous Saturday. All regions recorded clearance rates well above 70 per cent for the first time this year – another indication of the underlying consistency of the local market.

 
 

The north-east recorded the highest clearance rate at 86.8 per cent, followed by the inner city at 83.7 per cent, the north at 82.1 per cent, the south-east at 80.6 per cent, the inner south at 79.8 per cent, the inner east at 77.5 per cent, the west at 75.5 per cent and the highest sales at 105, and the outer east at 74.2 per cent.

Notable sales reported at the weekend included:

The most expensive sale of the weekend: 4 Victoria Avenue, Canterbury, sold for $4.2 million.

 

The most expensive property reported sold at auction was a four-bedroom home at 4 Victoria Avenue, Canterbury, for $4.2 million by Jellis Craig. The most affordable property reported sold was a one-bedroom unit at 2/22 Grant Street, Bacchus Marsh, for $166,000 by PRD Nationwide.

For a list of Melbourne auction results click here.

Melbourne recorded a median auction price of $830,500 on Saturday, higher than the $752,500 the previous weekend and 10.7 per cent higher than the $750,000 over the same weekend last year. A total of $442.6 million of property was reported sold at auction in Melbourne at the weekend.

Melbourne’s regional clearance rates. Photo: Andrew Wilson

Sellers continue to have the upper hand in the Melbourne weekend home auction market, as they have consistently over most of the past three years. However, next weekend the local market will face an extraordinary challenge with almost 1400 homes likely to go under the hammer. This will be the highest February day for auctions on record and will provide buyers with an unprecedented and tantalising early-season super Saturday choice of homes.

 

This article was originally published by  on the Feb 19, 2017 via domain.com.au

 

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