It was another strong weekend for Melbourne’s auction clearance rates despite the current economic environment of lending crackdowns and interest rate hikes from banks.
Melbourne’s auction clearance rate jumped to 79.5 per cent on Saturday, and that was up from the 78.3 per cent recorded the previous week.
The city’s median house price from the weekend’s auctions was $883,000, which was up from the $850,000 recorded a week ago and the value of all property sold on Saturday was $684.6 million.
Remarkably, considering the tighter lending environment, Melbourne has recorded an auction clearance rate average for March of 79.4 per cent, which is higher than the same time last year.
Vacancy rates remain low, sitting at just 1.3 per cent for houses, and rents are continuing to rise faster than incomes as migration in Melbourne puts added pressure on demand.
The northern suburbs of Melbourne recorded the highest clearance rate at the weekend of over 90 per cent, a boom result.
The north-east and south-east were the next strongest performing areas, both recording clearance rates of over 80 per cent.