Top result for Melbourne prestige property after holiday break

The Melbourne prestige property auction market has recorded another top result for sellers on its full return following the previous week’s pause for the Labour Day long weekend holiday.

Melbourne reported another strong  prestige auction clearance rate of 79.9 percent last week which although well below the previous week’s result of 88.2 per cent from low holiday listings was well ahead of the 73.7 per cent recorded over the same week last year.

This week’s clearance rate is the highest non-holiday result of the year so far and the fourth result above 79.0 per cent recorded over the past 5 weeks.

134 prestige property auctions were reported in Melbourne last week which was predictably well ahead of the previous weeks 17 auctions and also predictably well down on the 266 recorded over the bumper pre-Easter market that fell over the same week last year.

Melbourne’s prestige home auction market accounted for 15.9 per cent of total auction activity reported last week which was higher than the 9.0 percent recorded the previous week but lower than the 19.3 per cent recorded over the same week last year.

The Melbourne prestige auction market median sale price was down over the week, falling to $2,150,000 compared to the $2,315,000 recorded over the previous week. The median auction price however was 21.6 per cent higher than the $1,767,500 reported over the same week last year.

The top performing Melbourne prestige auction market suburbs by sales volume over the past four weeks with 100 per cent clearance rates have been Caulfield North with a median at $2,100,000 followed by McKinnon $1,852,500, Deepdene  $3,662,500, Middle Park $1,920,000 and Eaglemont with a median auction price of $4,575,000.

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