The Melbourne weekend home auction market continues to generally produce solid results for those sellers still happy to engage the winter market.
Melbourne recorded its third consecutive weekend auction clearance rate above 70% on Saturday at 70.7% which although slightly lower than the previous weekends year-high 73.6%, remained well above the 55.2% recorded over the same weekend last year.
Auction listings continue to decline sharply with just 338 reported on Saturday compared to the previous weekends 463 and significantly down on the 526 reported over the same weekend last year.
Melbourne reported a median auction price of $760,000 on Saturday which was lower than the $787,000 recorded over the previous weekend but again higher than the $750,000 recorded over the same weekend last year.
Melbourne’s premium Inner East and Inner South suburban regions reported the highest clearance rates at the weekend with each over 80%.
Melbourne’s auction offerings however remain skinny even for the typically quieter mid-winter, school holiday distraction period.
Sellers have still to be convinced to take the plunge and will likely await clear confirmation that home prices have now stopped falling.