Melbourne property market waking up

by AB24 Jul 2013

Melbourne’s property market has seen further improvements, as the auction clearance rate came in at around average over the weekend.

Not only were more homes 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, indicating that good times could lie ahead for the Melbourne property market.

Dr Andrew Wilson, senior economist at APM, says clearance rates are around the highest level recorded for more than three years, with the outer eastern suburbs proving to be ‘consistently solid performers’.