Pre-holiday surge no barrier to Melbourne prestige market

The Melbourne prestige home auction market has recorded another strong result from higher listings prior to the school holiday break.

Melbourne reported a prestige auction clearance rate of 77.0 percent last week which although lower than the previous week’s result of 79.9 per cent remains ahead of the 66.7 per cent recorded over the same week last year.

148 prestige property auctions were reported in Melbourne last week which was higher than the previous week’s 134 auctions and also predictably higher than the 3 reported over the Easter holidays that fell over the same week last year.

Melbourne’s prestige home auction market accounted for 15.7 per cent of total auction activity reported last week which was similar to the 15.9 percent recorded the previous week and lower than the 8.1 per cent recorded over the holiday week last year.

The Melbourne prestige auction market median sale price was slightly down over the week, falling to $2,124,000 compared to the $2,150,000 recorded over the previous week.

The top performing Melbourne prestige auction market suburbs by sales volume over the past four weeks with 100 per cent clearance rates have again been led by Caulfield North with a median at $2,100,000 followed by Eaglemont $2,064,000, Deepdene $3,662,500, Mont Albert North $1,570,000 and McKinnon with a median of $1,740,000.

Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn and Facebook at MyHousingMarket