The auction market in Melbourne on Saturday achieved a clearance rate of 75 percent, slightly lower compared to last weekend’s 77 percent. The number of listed auctions was higher, though, at 685 and the number of reported auctions was also up at 518. With this results, Melbourne’s housing market remains bullish and buyers and sellers are not affected by forecasts of interest rate increases.
Sold over the weekend were a total of 391 properties with total sales amounting to more than $265,973,000. The median price recorded was $740,000.
According to the Domain Group, the strong winter market is being taken advantage by sellers and auction volume will continue to increase in the coming weeks. For next weekend, more than 700 homes are expected to be auctioned.
As for house prices, Melbourne also recorded an exceptional rise of 3.5 percent in the June quarter. House prices have gone up by 15.1 percent over the year, considered to be the best yearly result since September 2015.
With regards to units, a solid increase of 2.1 percent was also noted over the June quarter. This was despite the recent hikes in new apartment construction.
Reserve Bank of Australia Assistant Governor Michele Bullock earlier clarified that Melbourne’s house price growth is driven by supply and demand. She pointed out that the rising prices does not necessarily mean the city is heading towards a housing crash.
Melbourne’s outer suburbs continue to lead in auctions. This weekend, however, saw the northern suburbs on top recording a clearance rate of 87.7 percent. Following behind were outer east, the west, inner city, north east, inner south, south east and inner east.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2017 | All Rights Reserved
WANT TO USE THIS ARTICLE?
You can as long as you include the following (links must be active):
With a passion for all things real estate spanning 18 years, Wendy loves that her role as a Buyers Advocate gives her buyers an experienced voice they can trust when it comes to negotiating to purchase something as important as their new home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.FollowWendy.com for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.
