This article is from the Australian Property Journal archive
OVER $1.5 billion worth of residential properties were sold across Sydney, Melbourne, Brisbane and Adelaide on the weekend as the auction market continues to heat up.
According to the REIV, Melbourne posted another strong result last weekend with 1096 properties going under the hammer and 846 selling $810.98 million.
There were 250 properties passed in and 114 were on a vendor`s bid, resulting in a clearance rate of 77%. Compared to the previous weekend, the clearance rate was 77% from 1,128 auctions and 72% last year from 1,022 auctions.
At the same time there were 438 private sales totalling $242.25 million.
REIV CEO Enzo Raimondo said Melbourne’s east has seen strong demand this year.
“A clearance rate of 80% has been recorded in inner east region, while over 85% of homes going to auction in the middle and outer eastern regions have sold in 2015,” he added.
Sydney also produced another solid result with 715 listings, 578 auctions and 520 sales totalling $498 million last weekend, according to Domain Group.
This is an improvement from the previous weekend`s 80.4% from 644 listings, 563 auctions and 484 sales totalling $435.6 million. In the same weekend last year, the clearance rate was 73.9% from 688 listings, 608 auctions and 475 sales.
Domain Group`s senior economist Dr Andrew Wilson said February was a record for that month with 2,222 listings compared to the previous record of 2,197 set in February last year.
“Last weekend also produced yet another super result for Sydney’s seemingly unstoppable weekend auction market.
“Auction listings will continue to rise with the pre-Easter Super Saturday of auctions now looming for March 28th. Well over 1,000 auctions are likely that day with the all-time Saturday record of 1,111 set over the same weekend last year under threat.
“Big auction numbers however are likely to continue to be a snack for a ravenous Sydney home buying public,” Wilson said.
Meanwhile Adelaide had 69 listing, 43 auctions and 23 sales totalling $12.3 million. Brisbane had 144 listings, 44 auctions and 22 sales totalling $14.5 million.
Australian Property Journal
