Melbourne has been the country’s best performing capital city this spring, with another $500 million in property sold on the weekend.
Despite the increase in listings this time of year, property sellers in Melbourne are still having plenty of success with the city recording a weekend auction clearance rate of 74.3 per cent from the 1035 homes that went under the hammer.
That figure sits just slightly below the average clearance rate of 75.6 for the whole of spring so far.
While the auction clearance figures remain strong, the rate of house price growth has slowed significantly for the September quarter, dropping to 1.3 per cent from 4.1 per cent from the previous June quarter.
Melbourne’s median house price now sits at $880,902.
New stamp duty concessions for first home buyers in Melbourne would be adding upward pressure for house price growth but at the same time tightening lending conditions for residential investors will be pushing downward pressure on that same growth.
Below is a quick snapshot of how the different areas performed on the weekend.
South East: 86.7%
Inner City: 85.5%
North: 80.3%
Outer East: 80.2%
Inner South: 79%
West: 77.3%
North East: 72.9%
Inner East: 60.2%
Source: Domain
