Record December Saturday offerings for deteriorating Melbourne auction scene

Record December Saturday offerings for deteriorating Melbourne auction scene
Jonathan ChancellorDecember 7, 2020

There are 1,432 homes going under the hammer across Melbourne this weekend, according to Australian Property Monitors (APM).

It ranks as the highest ever conducted on a December Saturday.

It also ranks as the second highest number of weekend auctions conducted this year 

APM noted there were 1,325 properties listed for auction last weekend, the last Saturday of spring. There were the 1,341 at the same time last year.

The inner city will have the most auctions this weekend with 236 closely followed by the inner south with 233, the west with 207, the outer east with 196, the inner east with 188, the north-east with 183, the north with 102 and the south-east with 84.

The most popular suburbs for auction listings this weekend in metro Melbourne are Richmond and Mount Waverley each with 24 followed by St Kilda with 22, Glen Waverley and Port Melbourne each with 21 and Reservoir, Brighton East and South Yarra with 18 auctions this weekend.

The weekend auction market reported another subdued clearance rate at the weekend with clear indications emerging of a sustained fall in buyer activity over late spring.

The weekend's preliminary result of 67.2% was almost identical to last weekend's year-low result of 67.1%.

APM's Andrew Wilson said the four-weekend average clearance rate had now fallen to 69.5% is well down on the previous four weekend average result of 76.4%. 

Melbourne has now recorded consecutive clearance rates below 70% for the first time since July 2013.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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