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Melbourne maintains strong auction clearance rate

Over the weekend (Saturday 16th April) the Melbourne auction market boasted yet another robust result.

Confidence from both buyers and sellers in the area is clearly on the rise and doesn't look set to stop anytime soon based on the performance over the past few weekends, reports Domain.

Saturday recorded a clearance rate of 76 per cent, which was just 0.3 per cent lower than the rate from the previous weekend.

Although the same weekend in 2015 recorded a clearance rate of 82 per cent, this past weekend's result is still impressive, as last year was a boom-time rate.

The two weekends before this continued to track above the weekend average of 75.5 per cent that has been recorded over the year to date.

In general, the facts have shown that the auction market has had a strong trajectory of growth since this year's Easter break.

As a result, it's expected that higher clearance rates are set to encourage more sellers into the market in late autumn.

Auction numbers have been lower this year compared to the boom of the 2015 market. However, analysts are hopeful that this will balance out over the coming weeks, particularly in the run up to the Queen's birthday break in June.

Over the past weekend, 780 homes were listed to go under the hammer, which is an increase of 78 auctions from the week before.

The highest rates were recorded in Melbourne's outer suburbs, the highest of which was the north-east suburban region, with a rate of 88.2 per cent.

After this, the north closely followed with 83.9 per cent and the lowest rate over the weekend was from the inner east with 66.3 per cent.

One of the most notable sales over the weekend was a five-bedroom home in Hawthorn, which went for $3.95 million (£2.14 million) from Jellis Craig agents.

However, the most expensive sale on Saturday was a four-bedroom home in Brighton, which came under the hammer at $4,375,000.

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