Record six months for Melbourne auctions

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Melbourne’s claim as the current auction capital of Australia has been bolstered, with figures showing the Victorian capital sold more homes at auction over the first half of 2015 than any other six-month period in the city’s history.

Figures from the Real Estate Institute of Victoria (REIV) show that in the six months to the end of June 2015 a record breaking 13,000 Melbourne homes were sold via auction.

The same period in 2014 saw around 12,400 homes sold through auction, with the increase to the record setting figure driven by strengthening auction results in the city’s outer suburbs, which saw a 20% year-on-year increase to 2,263 auction sales so far this year, compared to 1,879 in the first half of 2014.

REIV chief executive officer Enzo Raimondo said the strengthening sales in the outer suburbs was due to a combination of owner-occupiers looking for affordable homes within commuting distance of the CBD and a growing number of investors securing homes in those areas.

Melbourne’s eastern suburbs also did their fair share of contributing to the record breaking result, with the four suburbs of Mount Waverley, Wantirna South, Glen Waverley and Bayswater recording the highest year-on-year increase in the number of auctions.

“Melbourne’s east has seen some of the strongest growth in buyer activity and in median prices in Melbourne this year, leading to many more auctions in this region,” Mr Raimondo said.

In the inner city, Richmond has been the best performer so far this year with 186 homes selling at auction in the last six months, while Wantirna South is the city’s big improver after doubling the amount of auctions held over the first half of 2015 compared to last year.

Also helping Melbourne’s auction market reach new heights are the four suburbs that recorded perfect clearance rates over the second quarter of 2015.
 

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