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Melbourne posts highest auction result since last October

Melbourne's home auction market produced very strong results over the last weekend in February (25th to 26th), despite hosting the highest number of auctions on record for the month.

The clearance rate of 82.4 per cent was higher than the 79 per cent recorded the previous weekend, in addition to being well ahead of the 75.3 per cent figure posted over the same weekend the previous year, Domain reports. 

Not only is this comparable to boom-time conditions but it is also the highest result since October 22nd 2016 and the third-highest figure for the past 12 months. 

This is a particularly impressive achievement considering the fact that a record number of homes for a February weekend were listed, with 1,395 auctions representing a significant increase from the 911 auctioned the previous weekend. 

It was also higher than last year's figure of 1,214 for the corresponding weekend in 2016. Indeed, the previous record number of listings auctioned during a February weekend stood at 1,297 in 2015. 

Strong clearance rates were achieved across all of Melbourne's suburban regions, with the early-season market now in full swing. 

Regional results for 2017 are now starting to resemble the consistency and narrow range of outcomes typical for most of 2016. Lower priced outer-suburban regions continue to record the highest results, just as they did last year. 

Dr Andrew Wilson, chief economist at the Domain Group, said: "The south-east recorded the highest clearance rate on Saturday with 88.1 per cent, followed by the north-east (86.3 per cent) and the west had 85.9 per cent, with the highest number of sales at 152.

Next was the outer east (83.5 per cent), the inner city (82.9 per cent) [and] the inner east (80 per cent)." 

A clearance of 78.8 per cent was made in the north and the inner south was close behind at 78.7 per cent.

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