Melbourne property market strides into spring after another strong auction result

by | Aug 22, 2016 | property

This article was first published via domian.com.au on  Image: Auctioneer Phillip Kingston puts 27 Augusta Street in Glen Huntly under the hammer Saturday, It sold for $2,575,000. Photo: Paul Jeffers



The Melbourne home auction market produced yet another strong result at the weekend and is primed to enter the spring selling season in its best shape for years.


Melbourne recorded a clearance rate of 77.7 per cent on Saturday, which was below the 79.7 per cent reported over the previous weekend, but higher than the 76 per cent recorded on the same weekend last year.


More than 650 auctions were listed on Saturday, which was higher than the previous weekend’s 523 auctions, but well below the 838 auctioned on the same weekend last year. Auction numbers will increase significantly next weekend for the traditional spring season opener, with more than 900 homes set to go under the hammer.


Melbourne’s regional results were again reasonably even, with all areas reporting clearance rates above 70 per cent. The top performer was the consistently strong north with 85.1 per cent, followed by the north east with 81.8 per cent, the inner south with 79.7 per cent, the west with 78.8 per cent, the inner city with 77.6 per cent, the outer east with 75.4 per cent, the south east with 73.7 per cent and the inner east with a clearance rate of 70.6 per cent.


Notable sales reported at the weekend included:


The most expensive property reported sold at auction was a three-bedroom home at 35 Allambee Avenue, Camberwell, which sold for $3 million through Kay and Burton.

The most affordable property reported sold was a one-bedroom unit at 10/117 Anderson Road, Albion, which sold for $185,000 through Hocking Stuart.


The Melbourne market, however, fell away sharply over spring last year as confidence was affected by higher interest rates from banks responding to policy changes from financial regulators. The market is clearly now on the rise, with the prospect of a continuation of the price growth recorded consistently over recent years.