Melbourne buyers flood back for strongest auction weekend in months

Melbourne buyers returned to auctions in force on Saturday, helping push the city’s preliminary clearance rate to 62.6 per cent as agents tipped stronger competition ahead of spring. Melbourne buyers are flooding back to auctions, pushing the city towards its strongest clearance rate in almost five months. PropTrack data shows Melbourne recorded a preliminary 62.6 per cent clearance rate from 342 results reported on Saturday, up from last week’s final 53.7 per cent. Preliminary rates typically fall as outstanding results are collected, but if Saturday’s figure remains above 55.7 per cent when finalised it would be Melbourne’s strongest clearance rate since March 17, when it recorded 57.5 per cent. RELATED: Melbourne buyers face hidden auction danger $40m+ price tag for almost entire Melb street Crypto billionaire Ed Craven’s new Melb home revealed Even so, a final rate below 60 per cent would generally leave buyers with the upper hand, while property experts cautioned the figure did not capture homes diverted to private sale or expressions of interest. Ray White Mill Park sales consultant Adam Velardi summed up the changing mood by posting footage of a packed auction crowd to Insta...