Melbourne Auctions Update
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It's the Real Estate Podcast, brought to you by ANZ Home Loans for financial well-beings. And welcome to another episode of the Real Estate Podcast, available on iHeartRadio every morning and also on Spotify and Apple or wherever you get your podcasts from. And don't forget about those notifications because we are releasing a podcast every morning. Well, it's a Wednesday. It is the seventh day of September for 2022, the day after the RBA decided to raise the cash rate by a further 50 basis points to 2.35%. Raising the cash rate by 50 basis points now moves us into the cash rate neutral zone, which is what the governor wanted. Well, he wanted it at 2.5%. We've gone past that now. And it's possible that the RBA board, they might be, if they're feeling generous today,
just might decide to slow the pace of increases to 25 basis points from next month in October. And some of the commentators are saying this is now the second stage of the tightening process and expecting consecutive 25 basis point increases. is expected to extend from now through until the end of February next year with the rate peaking at 3.35%. No doubt you're doing your calculations with that 50 basis points yesterday. Coming up in just a moment, we are in Melbourne and talking with Fabian Sinelli. We're talking all things auctions and property. It's your real estate podcast for breakfast. Our trip to Queensland, it is continuing tomorrow because unfortunately we got a bit of a flat tyre yesterday called the RBA flat tyre with the rate rise.
We haven't quite reached Rockhampton, but we will be there tomorrow, promise, and then we continue on to Mackay. And if you're celebrating your birthday today for the 7th of September, have a fantastic Wednesday. Chrissy Hind from The Pretenders, she's turning 70. Toni Braxton is turning 55, the American singer. And it was also on this day the war in Afghanistan starts, and that happened on this day in 2001. It's your weekday real estate breakfast with news, interviews and predictions every morning on The Real Estate Podcast. It's the main centre forecast with PRD, selling smarter every day. All right, let's go around Australia and check on your weather for this Wednesday morning. And in Sydney, you better grab the raincoats.
What recent changes have occurred in the Melbourne auction market?
Possible showers today, a high of 19 degrees. Look at that for Melbourne. Good morning to you. Mostly sunny and fine. Temperature is good too with 20 degrees. In Brisbane, partly cloudy but it should be dry with 22 degrees. And in Perth today, expecting a possible shower or two and your high today of 19 degrees. We talk with leading property commentators with analysis, predictions, forecasts and what's trending every morning from 6.30. Let's talk Melbourne property and auctions, a podcast series with Fabian Cinelli. All right. Well, it's that time of the morning to look at the Melbourne property market and in particular what is happening with the auctions there. and to help demystify and help clear us through any foggy patches that we might have on trying to keep up with every single market around the country.
We have got Fabian Sinelli. He is the Managing Director and the Auctioneer from EYS. And a very good morning to you, Fabian. Have you been kept busy? I've been very busy, Craig, and a very good morning to you. I don't think you could have nailed that intro into the transitioning market better. That was brilliant. Well, it's been a busy time, and I know that Melbourne is no different. So looking at the Melbourne auctions, you've got an update with some numbers and some stats over the last three weeks. Absolutely. So we've had, I think personally, a really encouraging start to spring. We had a very healthy clearance rate of 64.3% over the weekend that just passed.
How has the cash rate increase affected property auctions?
That's up from last weekend and the previous weekend before that. Melbourne's median house price jumped up a whopping $100,000 from last weekend. So I think we're sitting at $1,077,000. which is actually fantastic. Those sort of numbers there are going back to late last year when the market was going really, really strongly.
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