More home sold at auction than any year since 2008: RP Data's Melbourne weekend auction analysis

A preliminary clearance rate of 69.2% was reached from 1,385 auctions this week in Melbourne.  

For four consecutive weeks the clearance rate has been below 70% following record levels of supply.  

A review of the spring market over the past five years shows that this year has featured the highest levels of supply and the second highest clearance rate. Prior to this weekend the spring clearance rate was 71%, higher than every year since 2008 except the 80% recorded in 2009. That year did however have much lower levels of supply.  

More important that just the clearance rate or overall volume is the statistic that more homes have been sold at auction then every year since 2008.  This underscores the health of the market.  

Time on market for houses sold by private sale remain stable at 34 days.