The Melbourne auction market has passed the first test of spring with strong results at auctions over the last two weeks. Clearance rates have maintained their consistent pattern of 80 per cent or above indicating a strong market with ongoing high demand and whilst the levels of property on offer increase.
This year clearance rates have been remarkably consistent. The only two weekends with a clearance rate below 80 per cent was the first weekend in February when 76 per cent was achieved from 119 auctions held and on the third weekend of February when a clearance rate of 78 per cent was achieved from the 497 auctions held.
Auctions held in the two weekends before today’s grand final recorded clearance rates of 82 per cent.
The market is currently mirroring the conditions to those witnessed at the start of autumn, which saw a similar number of properties on offer. Over the first two weekends of autumn just under 1800 auctions were held and clearance rate of 80 and 81 per cent achieved.
Whilst monitoring auction results is one way to gauge the strength of the property market it is important to understand that private sales still make up the greatest proportion of sales.
In the June quarter this year auctions represented 25 per cent of all sales. In the inner city 42 per cent were sold at auction, in the middle suburbs 20 per cent were auction and in the outer suburbs there were a mere 472 auctions which represented 6 per cent of all sales.
If interested in learning more about this update please contact me today!
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