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Spring auction mix for Melbourne market

30 Aug 2017 -

  Auction numbers have predictably lifted in Melbourne over recent weekends with higher volumes of sellers heralding the beginning of the spring selling season.

The mix of auction regions has also changed as numbers have increased with a significantly higher proportion of higher-priced, inner suburban homes now being offered to the market.

Melbourne will again host over 800 auctions this weekend which will be similar to last weekend’s 823 but well ahead of the 657 auctioned over the same weekend last year.

Melbourne’s west  remains the most popular region for auctions this Saturday with 130 scheduled followed by the inner south 120, the north east 108, the inner east 103, the north 97, the outer east 82, the inner city 81 and the south east with 57 auctions listed.

Reservoir is the most popular suburbs for auctions in Melbourne this weekend with 17 followed by Craigieburn, Kew and Glen Iris each with 12, Pascoe Vale 11

Reservoir and Craigieburn are the most popular suburbs for auctions in Melbourne this weekend with 18 each followed by East Bentleigh 14, Brighton11, Coburg 10, Kew 9 and a number of suburbs with 8 auctions scheduled including Glen Iris, Epping, East Malvern and Broadmeadows.

The Melbourne home auction market recorded its lowest result of the year so far last weekend weighed down by a surge in pre-spring inner suburban listings.

Melbourne reported a clearance rate of 71.7 per cent last Saturday which was lower than the previous weekends 73.7 per cent result and the lowest recorded this year so far. Saturday’s result was also well below the lower the 79.5 per cent reported over the same weekend last year when interest rate cuts fuelled the market.

Outer suburban lower-priced regions continue to record the highest clearance rates in Melbourne with inner suburbs lower but on rising pre-spring volumes.

Investors remain a key ingredient of the Melbourne housing market despite recent actions by the financial regulator and banks to curtail activity from this group due to perceptions of supposed housing market risk.

Latest ABS data reports that the value of loans approved to residential investors in Victoria over June surged by 8.9 per cent to $4.1 billion. This was the highest monthly total ever recorded by the state and reflects strong appetite from investors attracted to rising prices and relatively high yields in a low yield economy.

Higher interest rates and tighter lending conditions have clearly failed to curb investor activity who may be passing on higher costs to tenants in tight rental markets or securing finance from sources other than the major banks.

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

 

Sources: https://www.domain.com.au/news/spring-auction-mix-for-melbourne-market/