Melbourne recorded another robust auction clearance rate at the weekend with buyers clearly strongly motivated to secure available property.
Saturdays 75.5% result was the highest recorded by the local market since the spring of 2017 and well ahead of the previous weekends 71.4% and significantly higher than the 54.4% recorded over the same weekend last year.
Auction numbers however remain seriously recessed with no sign yet of the usual pre-spring bounce in seller activity.
Just 514 homes were reported listed for auction on Saturday which was marginally higher than the previous weekend’s 474 but disturbingly 33% fewer than the 771 listed over the same weekend last year Melbourne recorded a median auction price of $835,000 which was higher than the $800,000 recorded the previous weekend but well down on the $940,000 recorded over the same weekend last year.
The Outer East continued as top regional performer at the weekend with a strong clearance rate of 87.3% followed by Inner East also strong at 82.9%
Consistently strong auction results should encourage still-wary sellers into the spring market despite the latest media scare campaign regarding the prospect of a recession – yes really!