Winter does nothing to chill Melbourne's soaring auctions
2015-06-16
The weekend auction market recorded another strong result on Saturday, with high auction numbers providing the first full test for the winter selling season.
The weekend clearance rate was 81 per cent, which, although down from last weekend's year-high 85 per cent, was well ahead of the 73 per cent result recorded during the same weekend last year. The Melbourne market has stepped up a gear over the past two months, recording clearance rates above 80 per cent during eight of the past nine non-holiday weekends.
The strong result was achieved from a predictably significant rise in auction listings following the pause for last weekend's Queen's Birthday holiday. In total, 832 auctions were listed on Saturday.
The eastern suburbs again reported the highest regional results at the weekend. The outer east recorded 88.5 per cent, closely followed by the inner east with 88.0 per cent, the north 84.7 per cent, the north-east 84.2 per cent, the inner south 83.5 per cent, the west 79.6 per cent, the south-east 76.3 per cent and the inner city with 72.3 per cent.
The clearance rates for auctions on Saturday were strong. Photo: Supplied
Latest Australian Bureau of Statistics data reports a fall in the number of loans approved for first-home buyers in Victoria over April. Although loans for this group fell by 8.3 per cent over the month to 2173, the number of loans for first-home buyers over the first four months of this year has increased strongly by 17.4 per cent or 1286 compared with the same period last year.
Reflecting higher house prices and lower interest rates, the average first-home loan reached an all-time record over April of $335,000.
Better economic news might influence the Reserve Bank to keep interest rates on hold with the ABS national May seasonally adjusted unemployment rate falling from 6.1 per cent to 6 per cent over the month – the lowest rate recorded over the past year. The Victorian rate similarly fell from 6.1 per cent to 6 per cent – the equal lowest for the state since October 2013.
The winter selling season began in earnest at the weekend. Next weekend presents another solid test for the local market, with nearly 900 homes listed to go under the hammer.
The weekend clearance rate was 81 per cent, which, although down from last weekend's year-high 85 per cent, was well ahead of the 73 per cent result recorded during the same weekend last year. The Melbourne market has stepped up a gear over the past two months, recording clearance rates above 80 per cent during eight of the past nine non-holiday weekends.
The strong result was achieved from a predictably significant rise in auction listings following the pause for last weekend's Queen's Birthday holiday. In total, 832 auctions were listed on Saturday.
Reflecting higher house prices and lower interest rates, the average first-home loan reached an all-time record over April of $335,000.
Better economic news might influence the Reserve Bank to keep interest rates on hold with the ABS national May seasonally adjusted unemployment rate falling from 6.1 per cent to 6 per cent over the month – the lowest rate recorded over the past year. The Victorian rate similarly fell from 6.1 per cent to 6 per cent – the equal lowest for the state since October 2013.
The winter selling season began in earnest at the weekend. Next weekend presents another solid test for the local market, with nearly 900 homes listed to go under the hammer.
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