This article is from the Australian Property Journal archive
MELBOURNE’S auction market is poised to record the strongest pre-Easter market ever.
According to the REIV, there were 884 auctions reported last Saturday of which 769 sold and 115 were passed in on a vendors bid, representing a clearance rate of 87%.
This is compared to the same weekend last year when a low 341 auctions were reported with a clearance rate of 75%.
The total value of auction sales today and private sales reported was $907.22 million. There were 748 private sales.
The REIV expects next weekend will set a new record with around 1076 auctions.
Sydney’s auction market also set a new record. According to Australian Property Monitors’ Home Price Guide, there were 453 auctions and 237 sales resulting in a clearance rate of 75.1% — compared to 233 auctions and 151 sales and clearance rate of 67.1% in the same period last year.
The total value of properties sold was $212.7 million last weekend compared to $90.9 million in the same period last year.
The most expensive property sold was a four bedroom house in Henley for $4.13 million and cheapest was a studio apartment in Rushcutters Bay for $198,000.
In Adelaide, the South Australian 2010 State Election slowed the small auction market, 48 properties went under the hammer and 19 sold totaling $6.5 million. The previous week there were 50 auctions and 30 sales totaling $14.2 million.
Brisbane auctioned 55 properties and sold seven totaling $4.4 million.
Australian Property Journal
