Global Power | Local Knowledge | Uniquely Personal
中文

Subdued Melbourne market is cal...

Subdued Melbourne market is calm before the storm

As was expected, the Melbourne auction market was subdued over the weekend due to the Queen's birthday celebrations, which were recognised throughout the Commonwealth.

In fact, the auction market recorded a year-low clearance rate at just 65.8 per cent on Saturday 11th June, reports Domain.

This was quite far below the 74.4 per cent from the previous weekend and much lower than the 81.4 per cent that was noted over the same weekend in 2015.

In general, there were fewer properties taken to auction, with just 265 listed, which is well under the 841 that were set to go under the hammer the weekend before.

Despite this, this is still more houses than the 241 properties that were brought to market over the same weekend last year.

It's expected that due to the low rate of the past weekend, this Saturday will see a surge, as nearly 1,000 listings are set to come to auction.

This is due to create a positive shake-up of the already robust Melbourne market, as both buyers and sellers are expected to be completely focused after the holiday weekend.

Although the holiday weekend was something of a distraction, Melbourne's northern suburbs continued to lead the positive results of the region.

Out of all the clearance rates, the north was recorded with a high of 90 per cent, closely followed by the east with 82.8 per cent. Even the inner south, which reported the lowest rate, still managed to impress with a clearing of 57.1 per cent.

The most notable sale over the weekend was a five-bedroom home in Alphington, which sold for $2.84 million(£1.48 million) by estate agent Nelson Alexander.

On the other end of the scale, the most affordable property was a one-bedroom unit, which came under the hammer for $288,000.

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.

Subscribe Now