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Spring arrives for sturdy Melbourne auction market

06 Sep 2017 -

The spring selling season starts officially this weekend and although Melbourne auction numbers will be lower than last weekend, listings will rise strongly to the season’s first Super Saturday.

Melbourne is set to host nearly 850 auctions this weekend which will be lower than last weekend’s 936 but again well ahead of the 716 auctioned over the same weekend last year.

Melbourne’s west is still the most popular region for auctions this Saturday with 156 scheduled followed by the north east 106, the inner south 1105, the inner east 101, the inner city 100, the north 83, the outer east 81 and the south east with 69 auctions listed.

Reservoir is the most popular suburb for auctions in Melbourne this weekend with 17 followed by East Doncaster 15, Glen Iris 13, North Balwyn 12, East Bentleigh, Richmond and Hoppers Crossing each with 11 and Essendon with 9 auctions listed for Saturday.

The Melbourne weekend home auction market ended winter with another healthy clearance rate for sellers with the clear prospect of a vibrant spring selling season ahead in what has emerged as the nation’s strongest housing market.

Melbourne reported a solid clearance rate of 74.8 per cent last weekend which was lower than the previous weekend’s season-high 78.3 per cent result and also lower than the 77.9 per cent reported over the same weekend last year.

Melbourne’s outer eastern suburbs took over the top spot for regional results last weekend although all areas recorded healthy results for most sellers in what was another remarkably consistent regional performance by the Melbourne market.

The strength of the outer- suburban, lower-priced markets may reflect increased activity by first home buyers keen to take advantage of the recent cuts to stamp duty for this group.

The south east produced a strong result last weekend with an 85.3 per cent clearance rate with the outer east also strong at 81.5 per cent.  Next highest was the inner city with 77.8 per cent followed by the west 77.3 per cent, the north east 73.2 per cent, the inner east 71.7 per cent, the north down this weekend to 71.4 per cent and  the inner south also down to 70.7 per cent.

The Melbourne winter home auction market has ended with clearances rates still positive for sellers despite auction numbers remaining significantly higher than recorded over winter last year.

Melbourne weekend auction clearance rates averaged 75.1 per cent over winter which was lower than the 78.1 per cent averaged over autumn and the same rate as recorded over winter last year.

10,046 weekend auctions were conducted over winter which was lower than the 11,804 auctioned over autumn but well ahead of the 8,073 or 24.4 per cent higher than were conducted over winter last year.

Although Melbourne auction numbers will continue to rise through spring and likely remain ahead of last year’s totals, weekend clearance rates are set to remain above 70 per cent despite the waning impact of the lower interest rate energy driven by last year’s rate cuts.

Higher numbers of first home buyers and investors, and surging migration will keep demand ahead of supply with Melbourne still offering affordability advantages particularly compared to the high-priced Sydney market.

Melbourne sellers overall will continue to hold the upper hand with outer suburban markets doing best but all areas maintaining the positive results of winter.

 

 

 Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn and Facebook at MyHousingMarket

https://www.domain.com.au/news/spring-arrives-for-sturdy-melbourne-auction-market/