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Melbourne’s spring sales season off to a bumper start

By Matt Hurlston

The start of spring is usually where our auction market bursts into life, and you're not going to be disappointed by how that unfolded locally. Melbourne's weekend housing sales figures were the highest recorded in the past month, with most of the action centred around the city's northern suburbs and many in the east such as Camberwell.

Clearance rates creep upwards in Melbourne

According to figures from Domain, the city's clearance rate was 78.4 per cent. This is a solid improvement on last year's effort of 75.7 per cent, and also up on the previous week's clearance of 77.5 per cent. Such improvements suggest that Melbourne's property market is off to a strong start for spring.

While suburbs just north of the central city were in the lead with an impressive clearance rate of 89.3 per cent, those in the outer east were not far behind with 82.7 per cent. For example, a five-bedroom home in Camberwell sold for $3.36 million, while a four-bedroom in the same suburb went for $3.16 million over the weekend.

Such high sale prices reflect the huge interest in attractive locations near Melbourne's centre, and could be exciting news for those considering selling Camberwell real estate in the near future.

Melbourne's south-east suburbs such as Malvern East and Chadstone also fared well over the weekend, with an 80.6 per cent clearance rate.

Melbourne properties selling at auction

As Melbourne and Sydney continue to lead the way in Australia's hot property market, the number of auctions in these capital cities is also regaining ground. Melbourne offered the most auctions of any capital over the past week, with 915 homes going under the hammer according to CoreLogic data. Furthermore, only three suburbs in the whole country hosted more than 15 auctions during the week – and all three of them were in Melbourne.

Only three suburbs in Australia hosted more than 15 auctions during the week – and all three of them were in Melbourne.

Almost all of these Melbourne auctions were held over the weekend, with 846 listings across Saturday and Sunday. While this number is well up on the 718 auctions from the weekend prior, it's still down on the massive 1,034 auctions from the same weekend last year.

Both buying and selling at auction can be an exciting way to purchase a property, as vendors may be able to secure a quick sale and buyers might nab a bargain on their dream home.

Should you wish to find your dream property – either in a traditional sale or at auction – Ray White Carnegie's experienced team can help you get just the outcome you're looking for.

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