Melbourne recorded a remarkable boom-time auction clearance rate at the weekend with desperate buyers scrambling for available stock.
Saturdays 84.1% stunning result was the highest recorded for nearly 3 years, well ahead of the previous weekends 75.5% and significantly higher than the same weekend last year’s 58.2%.
Although auction numbers increased again at the weekend they continue to lag well behind last year at the same time – fuelling buyer desperation.
596 homes were reported listed for auction on Saturday which although higher than the previous weekend’s 514 remained significantly lower than the 791 listed over the same weekend last year.
Melbourne recorded a median auction price of $800,000 which was lower than the $835,000 recorded the previous weekend and the $805,000 recorded over the same weekend last year.
The Outer East continued as top regional performer at the weekend with a super strong clearance rate of 92.6% followed by the North also strong at 89.4%.
Remarkably all Melbourne regions with the exception of the North East were above 80% at the weekend.
Boom-time clearance rates – if sustained, will place upward pressure on home prices and act to induce still wary sellers into a clearly heating up market.