Melbourne recorded a clearance rate of 83.7 per cent on Saturday, which was well ahead of the 79 per cent recorded the previous weekend and significantly higher than the 70.4 per cent recorded over the same weekend last year.
Although auction numbers surged for the pre-Melbourne Cup Super Saturday, listings were well down compared to previous years. Just over 1200 auctions were conducted on Saturday, which although well up on the previous weekend’s 993, was well behind the 1479 auctioned over the same weekend last year. Just over 450 auctions are listed in Melbourne over next weekend’s Cup holiday break.
Melbourne celebrated a stunning result on its first spring Super Saturday of the season, with the auction market tracking at its highest since the boom-time spring of 2009.
Melbourne recorded a clearance rate of 83.7 per cent on Saturday, which was well ahead of the 79 per cent recorded the previous weekend and significantly higher than the 70.4 per cent recorded over the same weekend last year.
Although auction numbers surged for the pre-Melbourne Cup Super Saturday, listings were well down compared to previous years. Just over 1200 auctions were conducted on Saturday, which although well up on the previous weekend’s 993, was well behind the 1479 auctioned over the same weekend last year. Just over 450 auctions are listed in Melbourne over next weekend’s Cup holiday break.
Just over 1200 auctions were conducted on the weekend, with a clearance rate of 83.7 per cent.Photo: Chris Hopkins
Melbourne’s regions produced another even spread of results at the weekend, with all areas enjoying a strong spring selling season so far. The inner south reported the highest clearance rate on Saturday, with 88 per cent. This was followed by the north east with 87.7 per cent, the outer east with 86.9 per cent, the south east with 86.5 per cent, the west with 83.3 per cent, the inner city with 81.3 per cent and the inner east with 77.6 per cent.
Notable sales reported at the weekend included:
- a five-bedroom home at 8 Frognall Place, Canterbury sold by RT Edgar for $4.8 million;
- a four-bedroom home at 17 Bella Vista Road, Glen Iris sold for $4,702,000 by Jellis Craig;
- a three-bedroom home at 170-172 Nelson Road, South Melbourne sold for $4.36 million by Gary Peer and Associates;
- a five-bedroom home at 57 Alexandra Avenue, Canterbury sold by Marshall White for $3,881,000;
- a five-bedroom home at 11 Kasouka Road, Camberwell sold by Jellis Craig for $3.7 million.
The most expensive property reported sold at auction was a four-bedroom home at 36 Hawthorn Grove, Hawthorn, which sold for $5.02 million by Jellis Craig. The most affordable property reported sold at the weekend was a one-bedroom unit at 6/13 Ormond Road, West Footscray, which sold for $200,000 by Hocking Stuart.
Period passion: 36 Hawthorn Grove, Hawthorn smashed its reserve. Photo: Jellis Craig
For a list of auction Melbourne results click here.
Melbourne recorded a median auction price of $872,000 on Saturday, which was higher than the $860,000 reported last weekend and 6.3 per cent higher than the $820,000 recorded over the same weekend last year. A total of $653.1 million was reported sold at auction in Melbourne at the weekend.
Strong auction market activity is predictably translating to higher prices, which will be welcomed by Melbourne home owners. Potential first home buyers, however, will not welcome higher prices, which will act to offset the benefits of current record low interest rates and a highly competitive lending environment.
Strong auction market activity is predictably translating to higher prices in Melbourne.Photo: Chris Hopkins
The latest Australian Bureau of Statistics data reports the number of loans to Victorian first home buyers fell by 1 per cent over August to 2186 – the lowest monthly result since March. Despite the fall, lending to local first home buyers has increased by 4.4 per cent over the first 8 months of this year compared to the same period last year.
The average first home buyer loan reported over August was $315,100 – a decrease of 1.8 per cent compared to August last year.
First home buyer lending activity in Victoria over August accounted for just 10.1 per cent of all residential lending in the state, which was the lowest market share recorded for more than a year and remains well below the long-term local average of 17 per cent.
Audience reaction: 8 Frognall Place, Canterbury sold within 15 minutes. Photo: RT Edgar