Melbourne’s property market finished on a high to round out the year, recording the highest auction clearance rate in over a month in the final weekend for 2015.
After a huge month for Melbourne auction numbers, Melbourne recorded a 68.9 per cent clearance rate on Saturday, which was 0.6 per cent higher than the same weekend last year.
After an up-and-down year for property and plenty of uncertainty it was an encouraging finish to the year.
Back in autumn the market was flying, recording clearance rates over 80 per cent, fuelled by interest rate cuts and improving economic confidence.
The market slowed by spring however, as banking regulations tightened lending and banks started to lift their mortgage rates for both investors and owner-occupiers.
After record numbers of auctions over the past month there were plenty of concerns about how Melbourne’s property would respond and it has risen to the challenge, stabilising to become the best performing capital city.
After the highest number of auctions in one day went under the hammer on super Saturday a couple of weeks ago, there were still 710 homes that went to auction on the last weekend before Christmas.
Melbourne’s property market is now closed for the holiday break and there’s plenty of optimism after the last month’s results as we head into the resumption of proceedings in February.