Clearance rates continue to rise in Melbourne’s weekend auction market with buyer and seller confidence now clearly in revival mode.
Melbourne’s recorded a clearance rate of 75.6% at the weekend of Saturday 27th July was higher than the previous weekends 73.3% and also again higher than the 60.3% reported over the same weekend last year.
Saturday’s clearance rate result was the highest reported by the local market since the spring of 2017 and despite another Saturday surge in listings.
471 Melbourne homes were listed for auction which was higher than the previous weekends 360 but remained well below the 687 auctioned over the same weekend last year.
Melbourne’s weekend median auction price of $735,500 was lower than the previous weekends $747,500 and also lower than the same weekend last year’s $765,000.
The Inner Urban and South East recorded the highest regional clearance rates at the weekend with 81.6% and 78.9% respectively with all regions reporting clearance rates above 70% in a remarkably consistent performance.
With clearance rates strong and climbing despite a surge in listings, the shape of a positive spring selling season in prospect for sellers is emerging – with higher prices a likely consequence.