Auction Results Melbourne: Comprehensive Weekly Report (Week Ending November 19, 2024)
Auction results Melbourne doesn’t fail to amaze Us! The Melbourne property market continues to shape the Australian real estate landscape with its vibrant auction culture and dynamic trends. As one of the nation’s most active markets, Melbourne consistently attracts attention from buyers, sellers, and investors. This article provides a detailed analysis of the auction results for the week ending November 19, 2024, featuring insights into performance, trends, and comparisons to historical data.
Weekly Summary of Auction Results Melbourne: Market Performance at a Glance!
Melbourne hosted a total of 1,006 scheduled auctions this past week, with 739 reported results, yielding a clearance rate of 61.7%. This performance reflects a balanced market, with a slight tilt towards buyer caution in higher-value properties. The median sale price was recorded at $916,000, indicating steady demand across mid-range properties.
Key Statistics:
- Sold at Auction: 431 properties
- Sold Before Auction: 125 properties
- Withdrawn Listings: 36
- Postponed Auctions: 71
- Sales Volume: $662 million
Regional Insights: Spotlight on Melbourne’s Suburbs
Melbourne’s auction landscape is as diverse as its suburbs, with notable variations in clearance rates and median prices. Here’s a regional breakdown:
| Region | Scheduled Auctions | Reported Auctions | Clearance Rate | Median Price |
|---|---|---|---|---|
| Inner East | 120 | 115 | 57.4% | $1,400,500 |
| Inner South | 200 | 193 | 63.7% | $1,135,000 |
| Outer East | 120 | 116 | 66.4% | $1,200,750 |
| Northern Suburbs | 110 | 108 | 68.5% | $722,500 |
| Western Suburbs | 180 | 179 | 57.0% | $808,500 |
Analysis:
- Inner East: Despite commanding the highest median prices, the clearance rate was lower, suggesting buyer caution in the luxury market. This is indicative of rising interest rates and the tighter lending environment impacting high-value transactions.
- Northern Suburbs: Achieving the highest clearance rate (68.5%), these areas highlight robust buyer interest, driven by affordability and growing infrastructure.
- Outer East: A consistent performer with family-friendly homes appealing to a mix of first-home buyers and upgraders.
Top Sales and Affordable Options
Melbourne saw a range of property sales, from multimillion-dollar luxury homes to budget-friendly units. Here are the highlights:
Top Auction Sales:
| Address | Region | Sale Price | Agent |
|---|---|---|---|
| 91 Merton St, Albert Park | Inner East | $4,440,000 | Marshall White Port Phillip |
| 70 Edward St, Sandringham | Inner South | $3,260,000 | Hodges Real Estate |
| 22 Derby St, Camberwell | Inner East | $3,160,000 | HEAVYSIDE – Boroondara |
Affordable Properties:
| Address | Region | Sale Price |
|---|---|---|
| 411/16 Clyde St, Frankston | South East | $205,000 |
| 4/10 Mackey St, Lalor | Northern Suburbs | $256,000 |
| 8/21 Richardson St, Essendon | Northern Suburbs | $305,000 |
The mix of high-end and budget-friendly options illustrates Melbourne’s ability to cater to a wide demographic of buyers.
Auction Trends: What’s Driving the Market?
1. Unit Market Outperformance
Units recorded a clearance rate of 64.1%, outperforming houses at 60.9%. This reflects a growing preference for affordable and lower-maintenance properties, particularly among first-home buyers and investors.
2. Luxury Market Challenges
High-end properties faced slower clearance rates, with buyers exhibiting caution amidst economic uncertainties. Despite this, select premium homes still achieved standout results.
3. Outer Suburb Growth
Affordable options in Melbourne’s outer suburbs, particularly in the north and west, continue to attract buyers seeking value and lifestyle improvements.
Graphs and Visuals
Clearance Rates by Region
Auction Volume by Property Type
Historical Trends
Comparative Analysis: 2023 vs. 2024
| Metric | 2023 | 2024 |
|---|---|---|
| Total Auctions | 1,092 | 1,006 |
| Clearance Rate | 73% | 61.7% |
| Median Sale Price | $870,000 | $916,000 |
Observations:
- A decline in clearance rates reflects a more balanced market, moving away from the intense seller’s market of 2023.
- Median prices have seen a modest increase, demonstrating resilience despite economic headwinds.
Conclusion: Navigating the Melbourne Market
The Melbourne auction market remains a dynamic environment with opportunities across all price points. While clearance rates have softened, the diversity in property types and regions ensures steady activity. Buyers are increasingly focused on value, with outer suburbs and unit markets showing robust demand.
For real-time updates and detailed suburb-level insights, explore Simply Wealth Group’s Auction Analysis, CoreLogic’s Auction Results and SQM Research.
FAQs: Auction Results Melbourne
1. What is the current clearance rate for Melbourne auctions?
The current clearance rate for Melbourne auctions as of the week ending November 19, 2024, is 61.7%, based on 739 reported auctions. This reflects a slightly balanced market with cautious buyer activity.
2. What was the median sale price at Melbourne auctions this week?
The median sale price for properties sold at auction in Melbourne was $916,000, showcasing steady demand, particularly in the mid-range market.
3. Which region in Melbourne recorded the highest clearance rate?
The Northern Suburbs achieved the highest clearance rate at 68.5%, driven by the availability of affordable properties and strong buyer interest.
4. What types of properties are performing well in Melbourne auctions?
Units outperformed houses this week, with a clearance rate of 64.1% compared to 60.9% for houses. This trend indicates growing demand for affordable and low-maintenance properties.
5. How does this week’s auction activity compare to last year?
Compared to the same period in 2023:
- The total number of auctions decreased slightly (1,092 in 2023 vs. 1,006 in 2024).
- The clearance rate dropped from 73% to 61.7%, reflecting a more balanced market.
- Median sale prices increased from $870,000 in 2023 to $916,000 in 2024.
6. What are some of the highest recorded sales this week?
Top sales include:
- 91 Merton St, Albert Park: $4,440,000
- 70 Edward St, Sandringham: $3,260,000
- 22 Derby St, Camberwell: $3,160,000
7. Are there affordable options available in Melbourne auctions?
Yes, Melbourne’s auction market offers budget-friendly properties. For example:
- 411/16 Clyde St, Frankston: Sold for $205,000
- 4/10 Mackey St, Lalor: Sold for $256,000
8. Why are clearance rates important?
Clearance rates indicate the proportion of properties sold at auction compared to the total reported. A high clearance rate suggests strong buyer demand, while a lower rate may indicate a cautious market.
9. What factors influence auction trends in Melbourne?
Key factors include:
- Economic conditions: Interest rate changes and lending policies impact buyer capacity.
- Seasonal trends: Spring and summer typically see increased activity.
- Regional factors: Infrastructure development and lifestyle amenities boost demand in certain suburbs.
10. How can I find more information about Melbourne auction results?
For detailed insights and weekly updates, refer to trusted sources like:
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