Surge continues at Melbourne property auctions

May 12, 2017 by  

Sellers are still performing well in Melbourne property auctions after quite a year.

A year ago, the auctions secured a clearance rate of over 70%. Recently, the statistics showed that a clearance rate of over 75% had been sustained. Progress in the first part of 2017 has been rapid, and letterheads from Clifton Hill could be used by those involved in the upbeat Melbourne property market.

During the first third of 2017, over 11,000 Melbourne residences were auctioned. This figure represents a 15% increase on the volume of local sales achieved during the same fourth months in 2016. Sellers seem to have been exploiting the current conditions effectively, and it does not appear to be the case that recent holidays had a disruptive impact on the market.

When it comes to the April numbers, there was forward progress from March. However, the 3% increase in sales was not matched by a jump in the median home price. Nonetheless, median prices at the Melbourne auctions have been much higher this year than last. In April 2017, the median property value was $825,000. During April 2016, the median home value in the area was $755,000.

There is considerable variation within the Melbourne property market. The north east of the city has performed strongly in terms of the clearance rate, while the core of the city has not matched this pace.