News

Super Saturday in Melbourne as auction market heats up

02 December 2019

The late spring selling surge continued in Melbourne and around Australia on the weekend with more than 3000 homes going under the hammer.

It was the busiest weekend since March 2018 and a super spring Saturday in Melbourne which had over 1300 auctions of their own, recording a preliminary auction clearance rate over 74 per cent.

CoreLogic’s head of research Tim Lawless says the strong November results lead up to what is set to be a strong month of property price growth.

“Each of the five largest capitals is on track to record a rise in values over the month, including Perth, where housing values haven’t recorded a positive monthly rise since a brief period of growth in 2018, but more consistently since early 2014,” he told Australian Financial Review.

Melbourne buyers’ agent David Morrell said bidders were starting to have a real crack.

“Single-fronted terraces close to the city are flying,” he told AFR.

“It’s the price point and the lower end of the market have decided to get on with it.”

“They are thinking interest rates aren’t going to get better and it’s giving them confidence.”

Things are bit more stubborn at the top end of the market with properties over the $5 million mark tending to sell off-market and ongoing challenges around finance approval in the current tight lending environment.

The CoreLogic home value index rose by 1.7 per cent nationally in October.

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