Melbourne clearance rate soars: What it really means
Winter's no match for Melbourne buyers, who braved the chill and sent auction clearance rates soaring to a fiery 74 per cent.
PropTrack recorded 503 reported results this week, with 371 homes sold under the hammer, a clear sign that momentum is returning to Melbourne's property market despite a seasonal dip in listings.
'Be realistic': Melb buyers warned
Top results included 5 Alpha St, Balwyn North, which fetched $3.361m, along with strong outcomes at 38 Washington Ave, Malvern East, 91 Fortuna Ave, Balwyn North, 19 Owen St, Mitcham, and 25 Finsbury Way, Camberwell.
REIV interim president Jacob Caine said the result showed early signs of renewed energy translating into real outcomes.
'We've been saying within the sector for a little while now that there are early signs of renewed momentum — and this clearance rate is tangible proof that it's beginning to take hold,' Mr Caine said.
'There's definitely a shift in energy. That 74 per cent result speaks to a level of confidence we haven't seen in some time.
'Enthusiasm is picking up, and I think the market is beginning to move from whispers of recovery to the first signs of it playing out in real time.'
He said buyer demand had held steady even as listing volumes dipped.
'Listing volumes have pulled back — as expected in the colder months — but buyer demand has remained fairly consistent. When you've got fewer homes available and buyers still in the mix, naturally, clearance rates start to rise.'
Ray White auctioneer Jeremy Tyrell said the result was consistent with what he saw across the weekend.
'There's been no winter slumber for the Victorian real estate market,' Mr Tyrell said.
'The clearance rate jumped up to 82.1 per cent, amid strong competition from buyers with 3.1 active bidders on average across all auctions.'
'With the potential for further interest rate cuts, the market is extremely well placed for a strong second half to 2025.'
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