Melbourne’s weekend auction market produced a strong result on Saturday although heavily qualified by low numbers as a consequence of the ultimate local distraction of the AFL Grand Final. Just 44 auctions were scheduled to be conducted on Saturday which is predictably well below the record September weekend 1008 homes that went under the hammer the previous weekend.

Melbourne recorded a clearance rate of 84.4 percent at the weekend which was well ahead of the same Grand Final last weekend when a rate of 70.7 percent was reported also from 44 listings

2609 homes were listed for auction in metro Melbourne over the four weekends of September this year which is an all-time record weekend rate for the month of September in Melbourne. September auction numbers were 19.5 percent higher or nearly 500 more than last year’s 2183 conducted over the same month.

The popular outer east reported the most number of auctions at the weekend with all 9 properties selling. Notable sales in the outer east reported at the weekend were a  5  bedroom home at 1/16 Churchill  Avenue Chadstone sold for  $851,000 by Buxton, a  4  bedroom home at 8 Lakewood  Drive Knoxfield sold by Knox Residential for  $780,000, a  2  bedroom home at 24a Bennett  Avenue Mount Waverley sold by Buxton for  $700,000 and a  2  bedroom home at 99 Springvale  Road Nunawading sold for  $481,000 by Allens Real Estate Box Hill.

The most expensive property reported sold at auction at the weekend was a 10 bedroom home at 21 Campbell Street Glen Waverley sold for $1,600,000 by Ray White Glen Waverley. The most affordable property reported sold at the weekend was a 3 bedroom unit at 2/10 Henry Street Noble Park sold for $450,100 by Ray White Noble Park.

Underlying demand for housing in Melbourne continues to rise strongly and support the solid housing market activity of the past 12 months. Latest ABS data reports that the Victorian population increased by 1.9 percent or 108,757 persons over the 12 months ending March this year – the highest rate of growth of all the states except Western Australia.

Of this increase, 61,923 were overseas migrants with 19,514 arriving over the March quarter alone. Migrants from interstate accounted for 8367 over the year ending March with the March quarter total of 2468 the highest quarterly total ever recorded by Victoria in the ABS series.  And all of these new arrivals naturally require somewhere to live.

With the Grand Final distraction behind it, the Melbourne auction market now heads into October following a record listing performance over both August and September. Next weekend activity levels will unsurprisingly rise sharply with the next punctuation market in the local market’s Spring calendar the Pre-Melbourne Cup Super-Saturday due on October 25th.

Dr Andrew Wilson is Domain Group Senior Economist 

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