This article is from the Australian Property Journal archive
A REBOUND in Melbourne’s residential auction clearance rates has been short lived.
According to the REIV, the clearance rate last weekend fell to 67% from 72% a week earlier. There were 560 auctions reported with 375 selling and 185 being passed in, 123 of those on a vendors bid. This weekend last year there were 382 auctions and clearance rate of 86% was achieved.
REIV president Enzo Raimondo said buyers have the upper hand with homes selling at auction not exceeding vendors’ reserves in the same way that they were before Anzac Day.
The total value of auctions was $263.26 million. The private sales market had 524 sales totaling $239.78 million.
According to Australian Property Monitors’ Home Price, the most expensive property sold was a four bedroom house in Eaglemont for $2.625 million and cheapest was a three bedroom unit in Melton West for $220,000.
Raimondo said over the next three weekends, around 550 properties will be auctioned each weekend with a drop the following weekend, to around 130 at this moment, due to the Federal election.
Sydney’s market had a spike in activity last weekend, according to Australian Property Monitors’ Home Price. There were 349 auctions and 143 sales resulting in a clearance rate of 69.4% up from 55.4% in the previous weekend.
However only 188 properties were reported for auctioned compared to 263 in the previous weekend. The results 143 properties remain unreported, which is an extraordinary number when usually just over a dozen results are unreported.
Meanwhile the value of properties sold last weekend was $108.8 million compared to $123.2 million in the previous week and $116.9 million in the same period last year.
The most expensive property sold was a five bedroom house in Glebe for $2.7 million and cheapest was a three bedroom unit in Carramar for $231,000.
Brisbane’s small auction market had 44 auctions and three sales totaling a paltry $300,000 whilst Adelaide had 33 auctions and 13 sales totaling $8.1 million.
Australian Property Journal
