Melbourne's bullish auction market sees $620.6 million worth of property sold

The bullish Melbourne auction market has followed up its stunning Super Saturday result with another strong clearance rate but this time from significantly fewer listings. 

Despite the lower result, Melbourne has now recorded consecutive weekend rates above 80 per cent for the first time since June 2015 – a clear indication of the underlying strength of the local market.

Melbourne recorded a clearance rate of 80.6 per cent on Saturday which was slightly lower than the 82.4 per cent recorded the previous weekend but remained well ahead of the 75.4 per cent recorded over the same weekend last year.

Melbourne recorded a median auction price of $843,750 on Saturday which was lower than the $850,000 reported the previous weekend but 12.5 per cent higher than the $750,000 recorded over the same weekend last year.

A total of $620.6 million worth of property was reported sold at auction in Melbourne at the weekend.

On Saturday 1183 homes were listed for auction in Melbourne, which was notably lower than the February record of 1393 set last weekend, but it was still higher than the 1156 auctioned over the same weekend last year.

Auction numbers will be sharply lower next Saturday due to the Labor Day long weekend, with just over 250 homes set to go under the hammer.

Melbourne’s north, west, south east and outer east suburbs continue to record boom time clearance rates although the range between the highest and lowest regions remains reasonably tight.  

The north recorded the top regional clearance rate at the weekend of 88.8 per cent closely followed by the north east at 87.3 per cent, the south east at 84.2 per cent, the west at 83.9 per cent and the outer east 83.0 per cent.

The inner south had the highest sales of any region at 141 recording an auction clearance rate of 79.2 per cent, followed by the inner city on 75.3 per cent and the inner east with a clearance rate of 73.5 per cent.

Notable sales reported at the weekend included:

• A four-bedroom home at 45 Victoria Street, Sandringham sold for $4,680,000 by Hocking Stuart,
• Another four-bedroom home at 137 Yarrbat​ Avenue, Balwyn sold for $4,260,000 by Marshall White,
• A four-bedroom home at 11 Foote Street, Brighton sold by Biggin and Scott for $4,250,000,
• Four-bedroom home at 1-3 Palm Grove, Deepdene sold for  $4,125,000 by Jellis Craig, 
• And a five-bedroom home at 4 Orford Avenue, Kew sold by Marshall White for $3,820,000.

The most expensive property reported sold at auction was a four-bedroom home at 684 Orrong Road, Toorak sold for $5,500,000 by Marshall White.

The most affordable property sold was a severely fire damaged, six-bedroom home at 52 Chelmsford Way, Melton West for $190,000.

For a list Melbourne auction results Saturday March 4.