East shines as Melbourne auctions start spring with strongest result for a year
Melbourne’s spring auction market commenced on high at the weekend with a 79.4% success rate in the initial Australian Property Monitors tally of the initial 715 results.
It was the highest weekend rate reported this year - and the highest since the pre-Grand Final super Saturday of 21 September last year.
This weekend’s clearance rate was well ahead of 76.6% recorded over the same weekend last year. There was a revised 76.5% result on the last weekend of winter in Melbourne.
The most expensive property reported sold at auction at the weekend was a seven bedroom 1990-built home at 511 Belgrave-Hallam Road, Lysterfield (pictured above) which sold for $3.4 million through Barry Plant. It last sold at $2.5 million in 2004.
The most affordable property reported sold at the weekend was a three bedroom home at 4 Lawson Road, Melton South which was sold for $140,000 through PRD Nationwide Melton. It last trade at $178,000 in 2007.
The inner east reported the most number of sales at the weekend with 99, but also the highest clearance rate with an 89.2% result.
Melbourne's eastern suburbs are tipped as the powerhouse for capital growth during the 2014-15 financial year, according to the upcoming Domain Spring Guide.
Balwyn North's median house price is predicted to surge by close to 10%, the highest for Melbourne, followed by Glen Waverley and Ringwood prices which are expected to jump by 9%.
The outer east weekend clearance rate was 85.2% with 69 reported sales followed by the inner city with 79.3%, the north east 79.2%, the north 77.3% and the inner south with a clearance rate at the weekend of 74.7%.
The Melbourne auction market had been strengthening with the August four weekend average at 77% compared to the previous four weekend result of 73.9%, the Domain Group senior economist Dr Andrew Wilson said.
The most popular suburb for auction listings on the weekend was Glen Waverley in the outer east with 16, followed by Reservoir in the north with 15.