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Melbourne auction results soften as end of year approaches

(Snippet from domain.com by Melissa Heagney)


Melbourne’s auction results have continued to stabilise in a weekend that still had some big sales under the hammer.


Agents report the rush to Christmas has buyers out and about, although not as many as in previous weeks with a finite number of properties now for sale before the end of the year.


After the weekend’s 1013 auctions, Melbourne’s preliminary clearance rate sat at 69.5 per cent with 719 reported results received so far.


Domain economist Trent Wiltshire said Melbourne’s results were softening after Melbourne’s record-quick recovery in recent months.


“Melbourne clearance rates look to have stabilised in the high 60s,” Mr Wiltshire said. 


“While this is a bit softer than a couple of months ago, auction numbers have risen and clearance rates are still strong,” he said. “It points to annual price growth of around 10 per cent. 


“Another indicator of a strong market is that there are still many properties selling well above reserve.”


A four-bedroom home at 8 Turnberry Court, Rowville, sold for well above the expected price when it went under the hammer for $1,112,000.





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