Melbourne has experienced a record number of properties being listed for sale this month. There were 1,124 auctions were held this weekend across Melbourne, with 795 selling, and 329 being passed in resulting in a clearance rate of 71%. In addition to the auctions, there were also 452 private sales recorded over the weekend. These latest figures top off a massive month with 4,600 auctions held, which is 30% higher than the previous record month in 2008.
The inner suburbs are in high demand as the population grows. Buyers are keen to secure properties near transport and schools, which could result in rising house price growth in the inner suburbs.
Melbourne has outshone all other Australian cities for population growth since 2004. The city attracts over 25% of net overseas migration to Australia, as well as being the most desirable city to move to for interstate residents. With this level of population growth in Melbourne, it’s no surprise that there have been higher numbers of properties being listed for sale this year. What is surprising is the demand for properties priced between $1 million and $2 million. It seems that many previous first home buyers are now looking to step up into larger family homes.
March has capped off the first quarter on a high note for the Melbourne property market, increasing median house prices. With an expected 1,000 auctions to be held next weekend, will this trend continue?
