Auction clearance rates in Melbourne reach record highs in April 2015Melbourne’s Auction clearance rate jumped a massive 8% to 86% for the week of 18-25 April 2015 according to Australian Property Monitors (APM) data. This rate is the highest seen across all of Australia’s capital cities in 2015, above Sydney’s previous peak of 85%.
What caused the record high auction clearance rate in Melbourne?The Auction clearance rate has previously been high (78% in the previous week) and increasing. However, because Saturday the 25 April 2015 was ANZAC day very few properties were listed for Auction as fewer bidders were also expected on this day. It is clear that there is high demand for property in Melbourne though we will need to wait until the end of next week to see the auction clearance rate under normal conditions.
High auction clearance rates are a good indication of price growth in the market as more vendors’ (sellers) price expectations (and the reserve prices) are met resulting in a greater proportion of sales. Though not a major factor, rising rents in Melbourne may also be contributing to increased interest in the Melbourne market as higher rental yields make paying an investment property loan easier and make renting less attractive.
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