Melbourne property auctions market stands firm

Melbourne property auctions market stands firm

13 Apr 2016 By: Greg Hocking 0 Comment

It was another glorious weekend for Melbourne’s property market and residents this week.

Yet again, warm autumn sun was shining and crowds of buyers were active.

Yet again, our wonderful city by the bay was the busiest capital city auction market in Australia, according to latest data from CoreLogic RP Data.

Across our suburbs, 794 residential auctions were held. The preliminary clearance rate on Sunday night was a robust 73.2%.

This compares to last week’s 584 auctions and 69.2% clearance rate, which was slightly lower than 12 months ago but only because the market was regaining momentum after a short break over Easter.

The busiest sub-regions were our inner suburbs, which hosted 171 auctions and north-east Melbourne, which hosted 110 auctions producing 72.3% and 76.9% stock clearance respectively.

Encouragingly, the number of auctions held nationally also grew this week to 1,809 for our combined capital cities.

That’s about 220 more than last week and 135 more than the same week last year.

It’s also worth noting that Australia-wide there were 1,438 reported sales and a 67.8% clearance rate (stronger than a week ago too).

Victoria’s property market continues to lead the charge in 2016. But it’s great to see our performance is contributing to a positive real estate story across the country.

If you are thinking about selling this season, call us today to arrange an obligation-free appraisal.

Greg Hocking head shot 200_200

Greg Hocking

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