Early September Melbourne auctions robust: APM's Andrew Wilson

Early September Melbourne auctions robust: APM's Andrew Wilson
Early September Melbourne auctions robust: APM's Andrew Wilson

Melbourne’s early spring weekend home auction market continues to produce strong results for sellers with Australian Property Monitors senior economist Andrew Wilson suggesting it was "another robust clearance rate".

"Although the 77.1% result was down on the previous weekend’s year-high 79.1% clearance rate, it was nonetheless the third consecutive weekend result recorded above 77% for the first time since 2010," Wilson noted.

The current four weekend metro Melbourne average clearance rate sits at 77.4% compared to the previous four weekend result of 74.1%, based on initial results.

The weekend’s clearance rate was up on the 72.9% recorded over the same weekend last year.

Listings numbers have been rising in tandem with clearance rates over the past month with 842 scheduled auctions at the weekend compared to 715 the previous weekend. 

The north-east produced the highest clearance rate at 86.4% with 70 sales from 81 reported auctions.

The next best was the outer east at 81.4% followed closely by the inner south with 80.9% and the inner east with 80.8% with the highest number of reported sales at 105.

The most popular suburb for auction listings was Glen Iris in the inner east with 16 followed by Prahran in the inner city with 15.

The most expensive property reported sold at auction at the weekend was a four bedroom home at 38 Davis Avenue, South Yarra (pictured above) sold for $2,955,000 by Kay and Burton. It last sold in 2002 at around $1.38 million and in 1998 at $735,000.

The most affordable property reported sold at the weekend was a two bedroom home at 2a Hermione Terrace, Epping sold for $220,000 by Harcourts.

The early spring auction action will its reach its usual crescendo this weekend with the pre-Grand Final super Saturday set to deliver nearly 1,000 properties under the hammer in metro Melbourne.

Tags: 
Auctions Melbourne

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