Auction Results in Melbourne: Weekly Report (Ending November 19, 2024)
The auction results in Melbourne continue to paint an intriguing picture of the city’s property market, reflecting trends and activity that are significant within the broader Australian real estate landscape.
Melbourne is well known for its vibrant and competitive auction culture, which plays a crucial role in shaping the city’s real estate dynamics. This report aims to delve deeply into the auction results for the week concluding on November 19, 2024, providing a thorough analysis of the current market conditions.
As one of the premier real estate markets in Australia, Melbourne draws a diverse array of participants including buyers, sellers, and investors, all eager to navigate its property landscape.
In this comprehensive report, we will closely examine the week’s auction results, highlighting key statistics and trends, and comparing this week’s performance with historical data.
The insights provided will enable readers to gain a clearer understanding of the ever-changing auction market in Melbourne.
Weekly Summary of Auction Results in Melbourne
During the past week, Melbourne hosted a total of 1,006 auctions. Out of these scheduled events, 739 auction results were reported, culminating in a clearance rate of 61.7%.
This clearance rate suggests that the market is currently balanced, though it indicates that some buyers are exercising caution, particularly when it comes to higher-priced properties.
The median sale price recorded during this period was $916,000, reflecting a consistent demand for properties, especially those within the mid-range market.
Key Statistics from the week include:
- Properties sold at auction: 431
- Properties sold before auction: 125
- Listings that were withdrawn: 36
- Auctions that were postponed: 71
- Total sales volume recorded: $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: Understanding the Melbourne Market
The auction market in Melbourne presents various opportunities for both buyers and sellers across a broad spectrum of price points.
While current clearance rates appear to be lower compared to previous periods, the diversity in property types available keeps market activity relatively steady.
It seems that buyers are increasingly focused on finding value, particularly in outer suburban areas and in the unit market segment, as they navigate the landscape.
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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