Auction remains strong in Melbourne

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Any doubt about the strength of the Melbourne market is likely to subside following the release of data showing auction clearance rates holding strong at 76.4%.

While this figure is slightly lower than that recorded earlier in the year, when it registered in the 80s, Melbourne's percentage is still far higher than in any other Australian capital city. During the week ending 16 May, 417 out of 546 Melbourne properties were snapped up at auctions.

Sydney also recorded a strong auction clearance rate, which sat at 69.4%. There were 477 properties up for grabs, 331 of which were sold at auction.

Brisbane, however, continued to lag. Out of the 100 properties listed for auction, only 29 were sold.

 

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