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Melbourne clearance rates rise again

Melbourne has seen its weekend auction clearance rate exceed 70 per cent again.

Although more than 1,000 properties went under the hammer this weekend, Melbourne still managed to achieve a clearance rate of above 70 per cent.

RP Data measured this as the third largest auction weekend of the year for the city and the seventh one with more than 1,000 properties listed, recording 1,119 properties going up for bidding. It also noted a clearance rate of 70.3 per cent.

Meanwhile, the Real Estate Institute of Victoria (REIV) noted a clearance rate of 71 per cent from 1,048 properties. This is an increase from last weekend's results where REIV recorded a clearance rate of 68 per cent.

RP Data suggested that despite the popularity of the weekend auctions, property prices have reduced in Melbourne. Last month, the median house price fell by 0.5 per cent.

"As the Melbourne market heads to the end of the year it appears that buyers won’t be confronted by price rises of any significance."

Posted by Steve Douglas

- property, REIV, median, Melbourne, auction

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