Melbourne’s housing market sees massive rise in auctions but drop in clearance rate
House auctions in Melbourne are set to break an all-time record with 1,600 going under the hammer next Saturday. The clearance rate, however, has seen a decline for three weeks in a row, and dropped for the first time in over two years to below 70%. Even taking into account seasonal considerations, the hike in interest rates may have knocked buyer confidence. With the clearance rates weakening, the weekend trend price remains 7.4% higher than the previous year’s.

Although the weekend auction market has faded over recent months and is now at its lowest level in over two years, the market nonetheless remains in reasonable shape for both buyers and sellers. Record levels of late spring listings are providing buyers with more choice and sellers are still currently favoured by solid buyer activity in all regions and price ranges.