This article is from the Australian Property Journal archive
THE residential property auction market has ended the winter season on a high.
Sydney recorded a clearance rate of 81.9% last weekend from 583 listings, 449 auctions and 388 sales totalling $383.7 million, according to Australian Property Monitors.
APM’s senior economist Dr Andrew Wilson said the auction market has performed strongly over winter with rising buyer momentum over recent weeks producing boom-time results.
“The late winter market continues to strengthen recording its third consecutive clearance rate above 80% last weekend.
“The Sydney auction market is now clearly on the rise with the four-weekend average clearance rising to 81.3% compared to 76.2% over the previous four-weekend period,” he added.
APM found auction numbers have also risen steadily over recent weekends. Sydney has recorded its highest ever August for auction listings this year with 2,660 properties going under the hammer.
Melbourne also recorded an improved clearance rate of 76% last weekend, compared to 70% (675 auctions) in the previous weekend and 70% (722 auctions) in the same weekend last year, according to the REIV.
In the same weekend in 2012, the clearance rate was 66% from 564 auctions.
There were 717 auctions reported and 544 homes sold, totalling $462.58 million. There were 173 properties were passed in, 66 were on a vendor’s bid.
REIV CEO Enzo Raimondo said there were 11,915 auctions held last spring.
“Forward estimates for this spring indicate similar levels of auctions, if not higher.
“Melbourne is already set to have its first weekend of more than 1,000 auctions in mid-September as the market ramps up,” he added.
Meanwhile there were 366 private sales totalling $190.85 million.
According to APM, Adelaide had 56 listings, 15 auctions and 13 sales totalling $6.6 million. Brisbane had 98 listings, 24 auctions and 10 sales totalling $5.5 million.
Property Review
