This article is from the Australian Property Journal archive
ALMOST 1000 residential properties were put on the market for auction last weekend as sellers continue to try and cash in.
However, buyers are not lapping up the properties like they did last year.
Last Saturday in Melbourne, during the state election, 942 were auctioned – this is on top of 1014 auctions in the previous weekend, according to the REIV.
And 573 properties were sold last weekend whilst 369 passed in, 243 of those on a vendors bid, resulting in a clearance rate of 61%. The result of 120 auctions has remained unreported.
The total value of auction sales was $434.16 million.
Independent data from the Australian Property Monitors’ Home Price Guide shows 1096 properties were auctioned in Melbourne and the clearance rate was much lower at 56.8%.
According to APM, this time last year 1032 properties went under the hammer and the clearance rate was 72.8%.
REIV CEO Enzo Raimondo said volumes continue to be very high and this trend will continue till the end of the year with more than 2400 auctions expected over the next two weekends.
“Whilst high volumes are likely to ensure minimal price increases for homes sold at auction the state of the wider residential market (70% of all homes are sold at private sale) won’t be clear for a few weeks yet,” he added.
There were 624 private sales totalling $303.73 million.
Sydney’s market also saw a record number of auctions. APM reported 770 listings and 243 sales totalling $192.8 million last weekend, representing a clearance rate of just 53.4%.
In the previous weekend, there were 628 auctions and 266 sales totalling $213.5 million and in the same Saturday a year ago, there were 486 auctions and 313 sales totalling $237.2 million resulting in a clearance rate of 68.2%.
The most expensive property sold was three bedroom house in Cronulla for $4.5 million and cheapest was a one bedroom unit in Merrylands for $206,000.
Australian Property Journal
