Strong holiday result for Melbourne prestige property

The Melbourne prestige property auction market recorded a super strong result from predictably small listing numbers as the overall home auction market paused for the Labour Day long weekend holiday.

Melbourne reported a boom-time prestige auction clearance rate of 88.2 percent last week which was well above the previous week’s result of 76.8 per cent and also ahead of the 78.3 per cent recorded over the same holiday period last year.

Just 17 prestige property auctions however were reported in Melbourne last week which was well below the previous weeks 155 auctions but similar to the 18 listed over the same holiday weekend last year.

The total auction market share of prestige property typically falls over holiday periods and last week was no exception with prestige accounting for just 9.0 per cent of total reported auctions.  This was down sharply from the previous weeks 16.3 per cent market share but higher than the 7.6 per cent recorded over the same holiday week last year.

The Melbourne prestige auction market median sale price was also down over the week, falling to $1,670,000 compared to the $1,950,000 recorded over the previous week. The median auction price however was 5.5 per cent higher than the $1,582,500 reported over the same week last year.

The top performing Melbourne prestige auction market suburbs by sales volume over the past four weeks with 100 per cent clearance rates have been Hawthorn with a median at $2,255,000 followed by Caulfield North  $1,705,000, Deepdene  $3,662,500, East Kew  $1,775,000 and Middle Park with a median auction price of $2,438,000.

Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn and Facebook at MyHousingMarket