Melbourne auction result will change market outlook: Wakelin

Despite speculation of a slowdown in 2015, following Melbourne's weekend auction results Wakelin Property Advisory’s Richard Wakelin says that the real question should be whether next year will deliver more of the same growth.

“This is one hungry property market. Faced with a mammoth meal of around 1,700 auctions, buyers tucked into the supply, delivering an impressive 72% auction clearance rate,” said Wakelin.

“I had expected a slight dip – perhaps down to the high 60s – given Melbourne had never seen so many auctions in one day.”

Wakelin said that the weekend’s result will have market participants re-assessing their view of the market in coming months.

“It will likely change the tone of the conversation. No longer is it about whether 2014 will peter out, as this market will motor now until the end of the year, but whether we can expect more of the same in 2015,” he said.