Melbourne’s property market has seen improvement, as the auction clearance rate came in at around average over the weekend.
More homes were listed for auction – 426 compared to 360 a week earlier – but potential buyers were also keen to make purchases, according to Australian Property Monitors (APM).
The city's inner suburbs and outer east emerged as the best performing areas, boasting clearance rates of 87.5% and 75% respectively.
Each of these figures is significantly higher than the 69% average seen over the past few months, suggesting that the Melbourne market could be emerging from the slump it has been in over the last two years.
Andrew Wilson, senior economist at APM, said clearance rates are around the highest level recorded for more than three years, with the outer eastern suburbs proving to be ‘consistently solid performers’.
