Melbourne weekend clearance rate dips to 2014 low

Melbourne’s weekend auction market continues to report moderating results from high late spring auction volumes.

The Melbourne weekend auction market reported the lowest clearance rate this year.

The weekend result of 67.1% was well below last weekend’s 72.1%, according to Australian Property Monitors.

A surge in late spring auctions numbers is impacting market activity with buyers increasingly spoiled for choice.

Some 1,154 properties were listed for auction, almost identical to the previous weekend’s 1,153 and well ahead of the 931 auctions conducted over the same weekend last year.

There are over 1,300 auction expected this Saturday. 

Melbourne’s west hosted the most number of auctions with 187 closely followed by the inner south with 186, the inner city and the inner east each with 157, the outer east 152, the north east 142, the north 91 and the south east  49.

The most popular suburb for auction listings on the weekend in metro Melbourne was Glen Waverley in the outer east with 22 followed by Reservoir in the north-east.

Melbourne’s four weekend average clearance rate has fallen to 72.7% well down on the previous four weekend average result of 75.%.  

Melbourne’s outer east suburban auction market remains resilient recording clearly the highest clearance rate of all the regions at the weekend with 82.%.

The next highest was the inner east with a rate of 71% followed by the inner south 70.%, the north 66.2% and the north east with a clearance rate of 66.0%.