Analysis provided by Chief Economist Dr Andrew J. Wilson of My Housing Market (PhD, MSc, GradDipEco, BConEco, MRICS)
Melbourne auction market starts winter on a high
The Melbourne weekend home auction market has produced favourable results for sellers over June, closing out the month with an average 73.8% clearance rate.
Melbourne recorded an overall median weekend auction clearance rate of 73.8% for June, which was lower than the 77.7% reported over May but still significantly higher than the 63.4% recorded over June 2022.
June clearance rates were impacted by holiday distractions over the King’s Birthday long weekend and the commencement of mid-year school holidays.
Melbourne monthly clearance rates
This month, 2035 homes were listed for Saturday auction at an average of 509 per weekend, which is lower than the 855 averaged over June last year and the May 2023 average of 695.
Melbourne recorded a weekend median auction price of $1,085,000 for houses, 4.5% higher than the $1,038,000 recorded over June last year.
Melbourne weekend auction results, June 2023
Melbourne regions
Melbourne regions June clearance rates:
Melbourne regions June median house auction prices:
Premium Auction Markets
Melbourne premium areas June weekend auction results:
Melbourne premium areas June weekend median auction prices:
Melbourne premium areas top 10 suburbs June reported results:
Mornington Peninsula
The Mornington Peninsula housing market surged over June, reflecting similar strong results reported over the wider Melbourne market.
Weekend auction clearance rates soared to 95.2%, which was significantly higher than the May result of 61.1% and higher than the 79.3% recorded over June 2022.
Mornington Peninsula auction clearance rates:
Mornington Peninsula June auction results:
Mornington Peninsula median monthly house prices:
Dr Andrew Wilson’s summary
The weekend auction market has continued to rise this month, recording house price growth over four consecutive months to June, sitting now only marginally below the peaks reported early in 2022.
The outlook for the Melbourne housing market remains positive for the remainder of 2023, driven by a booming local economy with near record-low unemployment rate and the fastest wage growth in over 10 years. As normal, winter will bring a subdued period with a strong spring selling season expected to emerge for Melbourne and the Mornington Peninsula.
Surging overseas migration from both permanent residents and students on temporary visas is driving the rising demand for Melbourne homes and placing upward pressure on prices and rents in a clearly undersupplied housing market.
In compiling this publication, the Publisher relies upon information supplied by a number of external sources. The publication is supplied on the basis that, while the Publisher believes all the information in it will be correct at the time of publication, it does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by subscribers, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to the Publisher for the supply of such information. The data and projections should be used as a guide only and should not be relied upon in making investment decisions. This extract has been prepared without taking into account your objectives, financial situation, knowledge, experience or needs.