Melbourne housing slowdown01 October 2015 by News Desk
The housing market in Melbourne, Australia, is showing signs of slowdown with a fall in the number of properties sold at auction.
Across the city, auction clearance rates have fallen over each of the past four weekends. With over 11,000 properties listed for sale last weekend the clearance rate in Melbourne was 73% – lower than the previous weekend and, after 12 months of rising prices, the same as this time last year.
With a record number of properties coming onto the market prices and sales have flattened and now appear to be falling.
Property sales in Regional Melbourne recorded consistent levels. The south east had the highest clearance rate last weekend at 80.4%, followed by the north east (80.3%), the inner south (78.6%), the outer east (74.6%), the north (72.3), the west (72.1%), the inner east (70.5%) and the inner city at 67.4%.
Inner city units recorded a clearance rate of 55 percent from 77 auctions compared to houses with an 80 percent result.
Melbourne’s average auction price has fallen from $806,222 to $793,972. Local average auction prices remain 10.4% higher than the $719,375 recorded over the same weekend last year.