A record number of Melbourne homes went to auction in the first six months of 2017, with the northern suburbs of Reservoir and Craigieburn seeing the strongest results.

Data from the Real Estate Institute of Victoria shows more than 17,630 homes were auctioned in Melbourne in the first six months of the year, up from the previous record of 16,654 which was set in 2014.

A record-breaking 13,980 of those homes were sold under the hammer, seven per cent more than the previous record of 13,092 which was set in 2015. 

Source: REIV.

Melbourne's clearance rate to date of 79 per cent is on par with 2015 and 2010, both years that were notable for strong price growth.

Melbourne's outer northern suburbs led the way. Reservoir was the top-performing suburb, with 254 auctions in the first six months of the year and a clearance rate of 83.5 per cent. Craigieburn was close behind, with 216 auctions and a clearance rate of 83.3 per cent.

Source: REIV.

“It’s been a remarkable year for the state’s property sector, particularly in Melbourne, with more homes going to auction than ever before,” he said.

“Solid price growth has been recorded across the city this year, driven by strong buyer demand and unprecedented population increases.

“This year also marks the first time we’ve seen more than 10,000 auctions held in metropolitan Melbourne in the June quarter.”

Simpson said strong competition for homes is also driving growth in auction activity in regional Victoria. More than 1,400 homes went under the hammer in regional Victoria in the first half of the year, 840 of which were in the June quarter.  

Simpson cautioned that auction activity is likely to soften over the winter months.

“Victoria’s buoyant property market continues to perform strongly, however the clearance rate is likely to soften slightly as winter progresses," he said.

Source: REIV.

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