Melbourne’s property price growth has slowed materially over the past month, as illustrated by the quarterly growth rate falling from a peak of around 6.2% to around 4.8% currently:
The most obvious reason for the slowdown is Melbourne’s recent hard lockdown, which no doubt played a part.
That said, the best short-term indicator of Melbourne property value growth is the city’s auction clearance rate, which historically has shown a strong correlation with price growth:
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Melbourne’s final auction clearance rate peaked at 78% in March before sliding to 76% in April and May and then 72% so far in June.
Melbourne’s slowing auction market alone points to slower price growth.
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