Melbourne’s spring auction market faces softest start since Covid

The number of new listings in Melbourne has fallen 14 per cent in 12 months, realestate.com.au data shows. Victoria’s traditionally busy spring auction market is poised for its softest start since Melbourne was in the midst of Covid lockdowns five years ago. Experts have warned declining prices, lower clearance rates and rate hikes have also led to a decrease in broader Melbourne listings, giving buyers less choice under the hammer and for private sales. According to realestate.com.au, just 620 homes across the state are slated to go under the hammer this week. RELATED: Victorian auction reforms: Why reserve bid may not secure home Moonee Ponds buyer pays $1.9m for home then calls her husband Melbourne units outperform houses in auction clearance rates That’s the lowest number since the same week in 2021, when 129 auctions were held. At that time, Victoria’s capital was going through a 77-day pandemic lockdown mandated by then-Premier Daniel Andrews which ran until mid-October. Realestate.com.au senior economist Angus Moore said at the moment, Victoria was seeing “pretty soft conditions” across its auction and housing markets. “Clearance rates in Melbourne have been around 50 per c...