News

Pre-grand final surge in listings record strong auction clearance rates in Melbourne

29 September 2016

Melbourne’s real estate auction market has stayed strong in the lead up to the AFL grand final and its associated spike in listings.

The market recorded a healthy 79.6 per cent clearance rate on Saturday which was steady from the previous week. That figure is well ahead of the same weekend last year, which recorded a clearance rate of 73.3 per cent.

It has been a great month in Melbourne, with clearance rates rising each week for the last three weeks.

While clearance rates have been rising, it’s supply that has been the problem, with less and less available properties on the market since last year.

This week saw the usual surge in pre-grand final listings and it gave buyers some welcome choice when looking at property.

Even though listings jumped to 950 form 793 thanks to the grand final factor, that’s still well down on the 1101 listings that hit the market on the same weekend last year.

Saturday’s median auction price was $748,000, significantly down from last weekend where supply was tighter and a median of $865,000 was recorded.

The pre-grand final weekend auctions mark the end of the early spring selling season in which Melbourne has enjoyed a healthy and robust month of property action.

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