This article is from the Australian Property Journal archive
THE residential property auction market has continued to record solid activity as strong buyer demand pushed up clearance rates last Saturday.
According to Australian Property Monitors’ Home Price Guide, there 294 properties auctioned last Saturday in Sydney and 150 sold resulting in a clearance rate of 67.3%. The total value of properties sold was $115 million.
This is an increase from a week earlier when 274 properties went under the hammer and 145 sold resulting in a clearance rate of 61.2%, totaling $83.5 million.
In Melbourne, the REIV reported another good weekend for the market. There were 439 auctions and 256 sales, representing a clearance rate of 76%. The total value of properties sold was $216.57 million.
A week earlier, APM’s Home Price Guide recorded 396 auctions last week and 219 sale totaling $108.1 million with a clearance rate of 74.7%.
The REIV said whilst the auction market continues to produce healthy clearance rates it is the private sale market that is exceeding expectations.
There were 740 private sales on the weekend in Melbourne totalling $291.06 million. The REIV said the buoyancy in this sector is due to the fact that the median price of a house sold by private sale is lower than those sold at auction indicating that buyers in the middle and affordable segments of the market are dominating residential property sales.
The REIV is expecting just under 500 auctions next weekend and then just over 500 for the following two weekends.
APM’s Home Price Guide reported 39 auctions and 12 sales in Adelaide totalling $5.9 million and Brisbane had 63 auctions and 14 sales totalling $6 million.
Australian Property Journal
