Auction back to business

THE Melbourne residential auction market was back in the game last Saturday despite half of the properties been postponed due to the AFL Grand Final replay.

The market was not about to spend a second week on the bench and it was evident with 473 auctions reported last weekend as oppose to just 45 auctions during the first grand final match.

According to the REIV, there 348 sales and 125 properties were passed in, 67 of those on a vendors bid resulting in a clearance rate of 74%.

CEO Enzo Raimondo said this was a very good result given the conflict with the grand final.

The total value of properties sold was $221.93 million. There were 459 private sales totalling $221.48 million.

He noted that the clearance rate also improved slightly compared to the overall result in September. However, the clearance rate remains well below 84% recorded in the same weekend last year where 486 properties were auctioned.

Raimondo said of the auctions originally scheduled for last weekend, around half have been moved to next week and the other half to the following weekend.

In the next fortnight, the REIV is expecting in excess of 1400 auctions.

Meanwhile it was Sydney’s auction market which took a break last weekend because of the NRL Grand Final.

Australian Property Monitors’ Home Price reported 195 auctions and 86 sales totalling $64.9 million. The most expensive property sold was 5 bedroom house in Putney for $3,150,000 and cheapest was 1 bedroom house at The Entrance for $185,000.

Home Price Guide® Auction Results – SYDNEY SUMMARY

52 Week hi – 77%
52 Week low – 54%

In Adelaide there were 31 auctions and 10 sales totalling $4.2 million whilst Brisbane had 76 auctions and 18 sales totalling $8.2 million.

Australian Property Journal