Melbourne’s impressive auction numbers

Melbourne had 1362 properties go to auction at the weekend, with a healthy clearance rate of about 77 per cent.
There were 1000 more auctions in October this year than the same month last year – a jump of about 40 per cent.
Brisbane Times reported the clearance rate was the second best result of the Spring, with market momentum likely to continue until the end of the year.
Good results were reported in the outer eastern suburbs; the inner east; the inner city; and the inner bayside.

Larger four-bedroom homes were popular in the outer east, selling for about $1.5 million. Similar homes in the inner east were $2.7 million.
Melbourne’s median house price was up 7 per cent over the full year, which was the best result since June 2010 but below the level of increases recorded in 2009 and 2010.