Melbourne housing market keeps the pace

May 24, 2017 by  

Recent auction results show that the Melbourne property market is remaining buoyant.

The statistics for one autumn weekend indicated that the clearance rate was not being negatively affected by the volume of local listings. If the housing market of Melbourne retains its resilience going forward, demand for catalogues from Springvale may increase.

Over 1,100 residences were listed on a single weekend – a number that almost matched a record set back in 2014. The sum of the listings exceeded the total listings for the same period in 2016 comfortably.

The recent clearance rate almost hit the 80%, which was a much-improved result on that achieved one year before, as well as that sustained a few days previously. It has been predicted that a large number of listings is probable in upcoming Melbourne auctions.

However, there are signs of divergence between the economies of the suburbs of Melbourne and other parts of Australia. It has been reported that retail sales have dipped on a national basis. Under-employment has emerged as a significant trend, while incomes have grown in a sluggish fashion.

The state of the national economy could soon drive the Melbourne housing market up further because interest rates might be slashed to stimulate economic activity. Meanwhile, the market in areas surrounding Springvale has developed a momentum similar to that reached in the northern suburbs.