A total of 717 auctions were recorded this weekend, with 544 properties selling and 173 being passed in, 66 of those on a vendor bid. This resulted in a clearance rate of 76 per cent. In addition to the auctions, there were also 366 private sales.

The volume of auction sales in Melbourne over the past month has been up about 6 per cent on auction transactions seen in the same period last year. Buyers aren’t being deterred by prices, as evidenced by the growth of Melbourne’s median house price by 10 per cent in the past year, now topping $600,000.

With today being the first day of Spring, we can expect to see auction numbers ramping up substantially over the coming weeks. The increased stock will be a breath of fresh air to buyers, and will also be a good test of the markets depth.