Melbourne sells $500m worth of property as listings surge

Melbourne's auction market produced yet another robust result for most sellers as the spring selling season moves towards a remarkable crescendo next weekend.

Melbourne reported a strong clearance rate of 74.5 per cent on Saturday, which was slightly below the 76 per cent recorded over the previous weekend but below the 83.7 per cent reported over the same weekend last year.

Auctions numbers were slightly higher at the weekend with 1055 homes listed to go under the hammer, which was just ahead of the 1033 auctioned the previous weekend but well below the 1198 listed over the same weekend last year.

Next weekend will provide an unprecedented test for the solid spring Melbourne auction market with around 1700 homes likely to go under the hammer, which will be an all-time record for a Melbourne Saturday offering.

Melbourne recorded a median auction price of $885,000 on Saturday, which was higher than the $844,500 reported over the previous weekend and 1.4 per cent higher than the $872,000 recorded over the same weekend last year.

A total of $500 million worth of property was reported sold in the city over the weekend.

Related: Click here for Saturday's auction results
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Melbourne's outer suburbs continue to rule the roost for auction clearance rates with the north east the top regional performer with an 83.3 per cent clearance rate, followed by the west 82.7 per cent, the inner south 76.5 per cent and the outer east 74 per cent.

Just above the 70 per cent mark was the north at 70.3 per cent, the south east 70 per cent, the inner city 69.8 per cent and the inner east at the bottom again this weekend with a clearance rate of 68.8 per cent.

Notable sales reported at the weekend included:

The most expensive property reported sold at auction was a three-bedroom home at 108 Park Drive, Parkville sold for $5.6 million by Nelson Alexander. The most affordable property reported sold at the weekend was a one-bedroom unit at 7/17 Arnott Street, Ormond sold for $273,000 by Thomson.

This story Melbourne sells $500m worth of property as listings surge first appeared on The Sydney Morning Herald.