A clearance rate of 73% was recorded in Melbourne on the weekend, compared to 70% last weekend, and 69% on the same weekend last year. Of the 1,017 auctions held, there were 746 sold and 271 passed in, 149 of those on a vendor’s bid. In addition to the auctions, there were also 465 private sales recorded over the weekend.

Despite a large increase in listings, the weekend clearance rate performed strongly. Buying in suburbs surrounding prime locations is creating a ripple effect, changing the character of the Melbourne property market. Suburbs such as Glen Iris and Northcote both had large numbers of auctions over the weekend, including a range of $2 million-plus homes. Areas such as Ashwood and Ashburton are experiencing clearance rates of over 90% for homes in those areas.

The market doesn’t seem to be showing signs of slowing down as we head into winter, which is unusual for this time of year. Next weekend, there is expected to be more than 1,000 auctions held in Melbourne.