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The Melbourne weekend auction market tracked backwards on Saturday, recording its lowest clearance rate since the opening weekend of spring 11 weeks ago.
Melbourne’s 77.6 per cent result was, however, only marginally below the 79 per cent recorded the previous weekend but remained well above the 69.8 per cent reported over the same weekend last year.
Higher listing numbers may have contributed to a lower clearance rate with 1106 auctions listed at the weekend, which was well ahead of the 816 auctioned the previous weekend and considerably higher again than the 1339 listed over the same weekend last year.
A flood of auction listings may have contributed to a lower clearance rate. Photo: Meredith O’Shea
With auction numbers continuing to increase sharply over coming weekends, the usual late-spring easing in clearance rates can be expected, with buyers being offered significantly more choice. Next Saturday Melbourne will host around 1150 home auctions.
Regional results were again relatively consistent, which has been a feature of the Melbourne spring market so far this year.
The top performers, however, were again the north and west regions, with clearance rates of 86.4 per cent and 82.3 per cent respectively. The next highest was the north east with 80.3 per cent, followed by the outer east with 79.7 per cent, the inner south with 78.2 per cent, the inner east with 74.1 per cent, the inner city with 73.8 per cent and the south east down sharply this weekend with a clearance rate of 69.6 per cent.
Melbourne recorded a 77.6 per cent clearance rate on Saturday. Photo: Fiona Morris
Notable sales reported at the weekend included:
- a five-bedroom home at 23 Grange Road, Kew sold for $4.85 million by Caine Real Estate;
- a three-bedroom home at 5 Tiuna Grove, Elwood sold by Marshall White for $3,572,000;
- a five-bedroom home at 65 Linacre Road, Hampton sold for $3.47 million also by Marshall White;
- a four-bedroom home at 5 Millah Road, Balwyn sold for $3.27 million by Fletchers;
- a three-bedroom home at 10 Luxton Road, South Yarra sold by Marshall White for $2.87 million.
The most expensive property reported sold at auction was a four-bedroom home at 18 Avoca Street, South Yarra, which sold for $5.7 million by Castran Gilbert The Point. The most affordable property reported sold at the weekend was a two-bedroom home at 2/30 Banksia Grove, Tullamarine, which sold for $250,000.
For a list of Melbourne auction results click here.
A buyer forked out $3.47 million for 65 Linacre Road, Hampton. Photo: Marshall White
Melbourne recorded a median auction price of $802,500 on Saturday, which was higher than the $735,000 reported the previous weekend and 1.6 per cent higher than the $790,000 recorded over the same weekend last year. A total of $502.3 million was reported sold at auction in Melbourne at the weekend.
The latest Australian Bureau of Statistics data reported a decline in building approvals for Melbourne dwellings over September, with houses falling by 11.3 per cent and the volatile unit series down sharply by 28.7 per cent over the month.
Despite the fall, the number of house approvals has increased by 10.2 per cent over the first 10 months of this year compared to the same period last year. Unit approvals are down by 8.5 per cent over the same period, indicating the recent record surge in activity may now be ending.
The most expensive sale of the week: 18 Avoca Street in South Yarra, which sold for $5.7 million. Photo: Castran Gilbert
The latest vacancy rate data also showed some disparity with October house vacancies in Melbourne, remaining tight at 1.5 per cent, but unit vacancies easing 2.6 per cent. It was still well below the 3.6 per cent recorded over October last year.
Dr Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn