This article is from the Australian Property Journal archive
THE busy spring selling season has started early for the auction market with over $1.2 billion worth of homes sold across Sydney and Melbourne last weekend.
Melbourne had 950 auctions on the weekend and 741 properties sold for a $730.83 million, according to the REIV. There were 209 properties passed in, 89 of those on a vendor bid, resulting in a clearance rate of 78%.
This is compared to 73% in the previous weekend and 73% in the same weekend last year from 810 auctions. At the same time there were 371 private sales totalling $226.92 million.
The most expensive property sold under the hammer was at 26 Abercrombie St Balwyn for $4,205,000 and cheapest was at 9/294 Nicholson St, Seddon for $263,000.
REIV CEO Enzo Raimodno said Melbourne’s auction boom has continued throughout winter, setting up August 2015 as the strongest month in the state’s history.
“The busy spring selling season had started early, pointing to the continued solid performance of Victoria’s housing market. The inner and middle south-east and eastern suburbs have consistently seen a high volume of auctions this year.
“Clearance rates in these suburbs remained strong – led by suburbs such as Bayswater, Dingley Village and Wantirna, which recorded well above 90%. But strong clearance rates and high auction numbers in Melbourne’s middle and outer suburbs show that buyers are increasingly seeking value, and space, in the more affordable areas,” Raimondo said.
Sydney had 816 auction listings and 646 properties went under the hammer with 514 sold for $503.4 million – representing a clearance rate of 73.7%, according to Domain Group.
The result is on par with last weekend’s 72.9% from 723 listings, 623 auctions and 488 sales totalling $494 million and 78.9% in the same weekend last year from 582 listings, 518 auctions and 433 sales totalling $467.9 million.
The most expensive property sold at auction was at 69 Wallaroy Rd Woollahra for $5,100,000 and cheapest was at 2/225 The Entrance Rd The Entrance for $281,600.
Australian Property Journal
