Things are heating up in Melbourne’s auction market as buyers jump on deals prior to years end.
Marking just the third time the local clearance rate has exceeded the 80 percent mark this year, Melbourne achieved an 80.7 per cent rate on Saturday – up from the 68.2 per cent recorded over the same weekend last year as well as the previous weekend’s summer opener of 79.9 per cent.
Results come despite an uptick in local listings, with 1,372 scheduled compared to last weeks 1,173, as an increasing number of buyers and investors snap up properties during the Christmas period eager to secure a property before years end.
This coming Saturday, Melbourne will host more than 1,000 auctions which will be the highest final weekend offering for the city on record.
The south east was the top regional performer having recorded an incredibly high 90.2 per cent clearance rate.
Elsewhere results were more evenly spread, with the north east achieving 83.7 per cent, the inner city 83.5 per cent, the west 81.5 per cent, the north with 81.1 per cent, the inner south with 79.7 per cent, the inner east with 78.9 per cent and the other east with 77.2 per cent.
The median auction price was $800,000 on Saturday, slightly lower than $851,000 the previous weekend, buy 6.7% higher than the $750,000 recorded on the same weekend last year. In total, $661.2 million worth of real estate was sold at auction in Melbourne at the weekend.
Source: domain.com.au
