Yet another solid result for the Melbourne home auction market at the weekend that has continued to track in a narrow band over recent months. The 73 percent clearance rate recorded at the weekend was bang on the four week average and remarkably also matched the three month weekend clearance rate average.

Weekend clearance rates  continue to track above the results recorded over the same period last year, with this weekend’s rate higher than the 70.2 percent recorded over the corresponding weekend a year ago.

Auction numbers are also clearly higher than last year. This weekend 625 homes were auctioned compared to 549 last weekend and the 531 auctioned over the same weekend last year. Auction numbers will gradually rise over coming weekends as the market turns from its mid-winter trough and heads towards the spring selling season. 

Melbourne’s booming outer east again produced the best result at the weekend with a strong auction clearance rate of 86.5 percent. This was followed by the inner south with 80.2 percent, the north 77.6 percent, the inner east 76.8 percent, the north east 69 percent and the inner city with an auction clearance rate at the weekend of 66.7 percent.

Standout sales results in the outer east included a  4  bedroom home at 18 Amber  Grove Mount Waverley sold for  $1,220,000 by Harcourts Glen Waverley, a  3  bedroom home at 30 Driftwood  Drive Glen Waverley sold by Noel Jones for  $1,113,000, a  4  bedroom home at 88 Whitehorse  Road Blackburn sold for  $1,045,000 also by Noel Jones and a   3  bedroom home at 27 Oshannessy  Street Nunawading sold for  $1,005,000 by Barry Plant.

The most expensive property reported sold at auction at the weekend was a  4  bedroom home at 8 Allee  Street Brighton sold for  $3,000,000 by Buxton. The most affordable property reported sold at the weekend was a  2  bedroom home at 180 Grand  Boulevarde Craigieburn sold for  $190,000 by Ray White Craigieburn.

Melbourne’s solid housing market performance this year has unsurprisingly translated into continuing house price growth over the June quarter. The median price for Melbourne houses increased by 1.7 percent over the quarter according to APMPricefinder. This was another solid result following the 1.4 percent rise recorded over the March quarter.

Melbourne’s house prices increase by 10.3 percent over the 2013-14 financial year which was the best annual result recorded since September 2010.

Melbourne’s units recorded modest growth over the June quarter with the median unit price increasing by 0.7 percent to $419,639 – a rise of 4.0 percent over the year.

Dr Andrew Wilson is Domain Group Senior Economist 

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