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Rate cut keeps auction market at highest levels in five years

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Rate cut keeps auction market at highest levels in five years

Melbourne recorded a clearance rate of 79.7 per cent on Saturday, following the previous weekend's non-holiday result of 82.1 per cent, which was a high for the year. 
Solid auction numbers continue to test the Melbourne market, with 919 homes scheduled to go under the hammer at the weekend. This was below the previous weekend's 983 but well ahead of the 603 auctions conducted over the same weekend last year.
Latest Domain Group data reports that the number of suburbs in Melbourne with a median house price of $1 million or more increased from 48 to 56 - or one in every eight suburbs - over the six months ending March compared to the previous six months.  Reflecting the strength of the outer eastern suburban market, new entrants to the million-dollar club included the popular suburbs of Doncaster, Glen Waverley and Mount Waverley.
 
The Age

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