Melbourne was forecast to experience a super Saturday for auctions and did not fail to deliver, with the city hosting the highest ever number of weekend auctions.
Australian Property Monitors (APM) reported there were 1,362 properties listed for auction and despite the large volumes, Melbourne achieved a clearance rate of 76.9 per cent.
RP Data recorded slightly greater volumes, with 1,614 auctions and a preliminary clearance rate of 72.3 per cent.
RP Data Victoria housing market specialist Robert Larocca said the result was an exceptional outcome for what was the biggest week of auctions in the city’s history.
“It is notable that despite the increased number of homes on the market, the number of buyers rose to ensure a very healthy outcome,” he said.
“The clearance rate exceeded the year-to-date trend and increased compared to last week. This underscores the importance of looking past single week results when assessing the state of the market.”
Sydney returned to form with a clearance rate of 83.2 per cent across 689 properties, according to APM.
RP Data recorded a preliminary clearance rate of 81 per cent across 921 auctions.
Senior economist for APM Dr Andrew Wilson said the Sydney market was performing at record levels despite the weekend hosting the second highest number of auctions this year.
“High listing numbers are proving no barrier to the super strong spring Sydney housing market,” he said.
“Sellers continue to surge into the market, and why wouldn’t they with record level clearance rates driving strong prices growth.”
There were 2,928 properties that went under the hammer over the weekend across the capital cities combined, with a preliminary auction clearance rate of 72.5 per cent, according to RP Data.
APM reported that the most expensive property sold was in Sydney with a value of $3.49 million, while the most affordable property was in Queensland with a value of $215,000.