The National Property Buyers Clearance Rate (Melbourne) is calculated based on a minimum of 30 properties at auction per week selected by NPB advocates.
NPB Clearance Rates are usually higher than REIV or other industry clearance rates as only investment grade properties are included, meaning the overall quality is higher and therefore more likely to be sold.
As further proof of the strength of the Melbourne market, the overall National Property Buyers Clearance Rate reached a very strong 87%.
This number was up from 2014, which recorded a clearance rate of 83%, and only just up from 2013, at 86%.
A total of 1,871 properties were reviewed and monitored in 2015 by National Property Buyers advocates across all markets and price points in Melbourne. A total of 1,619 properties sold and 252 passed in.
There was more stock on the market in 2015 compared with the year before, when 1,768 properties were reviewed, of which 1,468 sold and 287 were passed in.
The market enjoyed strong buyer confidence throughout the year, with NPB clearance rates reaching 84-85% by the end of the first quarter, then climbing to 89-90% by the middle of the year. Rates dipped by the end of the year, but only back to the mid 80’s, confirming the enduring strength of the market.
NPB Clearance Rates are divided into three price categories: under $600,000; $600,000 – $1,000,000; $1,000,000 plus.
The $600,000 – $1,000,000 category performed best for 2015 with a NPB clearance rate of 88%, up just slightly from 87% in 2014.
The $1,000,000 plus section came in a close second with 86%, performing stronger than the previous year in which clearance rates reached 80%.
Below $600,000 reached 84%, up from 82% in 2014.
Overall, the market performance was very strong in 2015. Time will tell if this trend will continue in 2016.