Insights

Melbourne’s weekend clearance rate of 82 per cent has well and truly beaten the 77 per cent of last weekend and the 71 per cent of this weekend last year.

The Real Estate Institute of Victoria has reported the clearance as 86 per cent for houses and 76 per cent for apartments with the median house price at $920,000 and the median apartment price at $630,000.

There was quite a high demand for houses between $1 million and $4 million with Port Melbourne being the most popular suburb this weekend. Richmond, Brighton East and South Yarra were all close to follow.

Although the outlook for high-priced property looks rosier than it did a week ago, mid-priced buyers are set to enjoy greater bargaining power over vendors in winter.

Auction listings will decline from June and won’t return to normal volumes until mid-August. But despite the tightening supply, a greater proportion of motivated sellers are likely to list in winter compared to other times of the year.