Melbourne’s auction market is back in full swing again after the Labour Day long weekend last week. The clearance rate of 73 per cent on 837 auctions is higher than the same weekend last year, which achieved a clearance rate of 68 per cent on 832 auctions. This is a significant increase in the amount of auctions as well as the overall sale results compared to last year. In addition to these auction results, there were 389 homes sold privately on the weekend.
Approximately 3,500 homes have gone under the hammer so far this year, with activity levels higher than over the final months of 2013. Interestingly, the REIV are reporting a decrease in the number of private sales compared to the same time last year. This indicates that while the premium end of the market is doing well, the private sale market is showing signs of a slowdown.
Which areas of Melbourne would you think are showing the fastest growth in property values? It turns out that the gentrified areas of the inner northern suburbs such as Clifton Hill, Fitzroy, Flemington and Carlton North have property values growing at a faster rate than any other areas of Melbourne. RP Data reported last Friday that Fitzroy’s house prices grew by 37.7 per cent last year. While areas such as Hawthorn, Middle Park, Windsor, Malvern and Port Melbourne all had their median house prices rise up by 22 per cent to 33 per cent. We come to expect high-priced sales in some of these suburbs, however the inner north is definitely an area to watch in the Melbourne property market.
See below for a rundown on three auctions we found interesting on Saturday. Next weekend, an expected 1,110 auctions will be held in the Melbourne area.
