Surge in Melbourne auction listings
Melbourne's winter auction season begins for real this weekend.
Although last weekend was quiet compared to recent weeks due to the Queen's Birthday holiday, the results reflected the solid performance of the market so far this year with clearance rates and listing numbers higher than for the same weekend last year.
Both auction listing numbers and clearance rates have risen dramatically in Melbourne so far this year and this week the rising trend continues.
There are 776 properties scheduled to go under the hammer, significantly higher than the 584 auctions conducted over the same weekend last year.
Advertisement Melbourne's inner city suburban region is the hot spot for activity this weekend with 160 auctions scheduled for auction.
The west is the next most popular, with 126 followed by the inner bayside with 121 and the north-east with 108 auction listings.
The most popular suburbs for house auctions this weekend are St Kilda, with 19, followed by Port Melbourne, Preston and Glen Waverley each with 15.
St Kilda and Port Melbourne are also the most popular suburbs for unit auction listings, with 14 and 12 respectively.
Buyer and seller momentum is clearly on the up for the Melbourne housing market.
Auction clearance rates have risen over recent months with the Easter to Queens's Birthday late autumn period the highest results recorded for three years since the 2010 house price boom.
The median price for houses sold at auction in Melbourne over the late autumn season has risen by a hefty 3 per cent compared to the early autumn pre-Easter period this year.
Other indicators of buyer activity remain positive for the Melbourne housing market with ABS home loan data for both owner-occupiers and investors showing strong rises over April for Victoria.
Melbourne's solid market performance so far this year can be expected to continue into the normally quieter winter season with cyclical factors overriding seasonal factors.
This is despite some local economic headwinds that remain as indicated by a less than impressive performance by the sharemarket recently.
The latest unemployment data from the ABS is however good news for the Melbourne housing market with the unemployment rate for Victoria falling over May from 5.8 to 5.4 per cent - lower now than NSW.
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