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Melbourne weekend auction marke...

Melbourne weekend auction market still showing robust performance

Clearance rates for the Melbourne weekend auction market are still tracking at the highest-seen level since the winter season in 2015.

Overall, this means that the auction market in this area is continually producing robust results for sellers and makes it attractive for buying and investment opportunities, reports Domain.

This is despite the fact that the auction market paused over the past weekend due to the Labor Day holiday.

However, it's expected that there will be an impressive set of auction results from the pre-Easter weekend, due to results of sales and clearance rates so far this year.

The coming weekend auction on Saturday March 19th will be a serious test for the market because there are a record number of auctions that are ready to come under the hammer.

With regards to the Melbourne auction market, its last clearance rate on March 12th was recorded at 73.4 per cent, which was a little lower than the 79.6 per cent over the same time last year.

However, Saturday's clearance rate results are similar to the Labor Day weekend numbers from 2015, which posted at 74.9 per cent.

So far, the weekend rates in Melbourne have shown a remarkable consistency as they have averaged at 76 per cent, with a high of 79.2 per cent over one end-of-week auction.

This shows that the market is still generally good for most sellers and even though the units of property were lower over the past holiday weekend, 340 listings were still taken to auction.

During this weekend's auctions there was a higher proportion of suburban and lower-priced regions up for sale than would usually have been brought to the bidding market. This is typical of the type of properties that are usually taken to auction during the Labor holiday.

For this coming pre-Easter weekend, about 1,600 homes will be brought to what is being referred to as Super Saturday in Melbourne, marking an all-time record for this time of year.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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