Sellers rush robust and reliable late summer Melbourne auction market

The robust and ever-reliable Melbourne weekend home auction market will be tested yet again this Saturday with another significant increase in early-season listings.

Nearly 900 homes will be offered for sale by auction on Saturday which will be nearly double last weekend’s 471 listings and a little below the 929 auctioned over the same weekend last year.

The west suburban region will once again clearly host the most number of auctions on Saturday with 156 followed by the inner south 130, the inner city 123, the outer east 115, the inner east significantly higher this weekend with 111, the north east 100, the north 67 and the south east with 63 auctions listed on the weekend.

The most popular suburb for auctions this weekend in Melbourne is Richmond with 18 followed by Glen Waverley with 16, Northcote and Hawthorn each with 14, Preston 13, St Albans and Craigieburn each with 12 and Mt Waverley and Armadale with 11 auctions each on Saturday.

Despite a significant but predictable lift in early season listings, the Melbourne home auction market recorded yet another remarkably consistent result last Saturday.

Melbourne reported a strong clearance rate of 78.7 percent which was almost identical to the 78.5 percent recorded the previous weekend but higher than the 75.0 percent reported over the same Saturday last year.

The Melbourne market continues to track at remarkably consistent levels and clearly remains a positive market overall for sellers. Weekend auction clearance rates averaged 79.6 per cent over the spring selling season last year and early indications are that the autumn season will likely produce similar results.

Melbourne’s northern suburban regions continue to record the highest weekend clearance rates which reflects the nature of results for most of last year.  The north east was tops at 91.4 per cent followed by the north 87.5 per cent, the inner east 86.4 per cent, the west 80.3 per cent and the highest sales with 61, the outer east 76.6 per cent, the inner south 76.4 per cent, the south east 72.4 per cent and the inner city trailing again this weekend with 67.6 per cent.

Dr Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn