This article is from the Australian Property Journal archive
MELBOURNE’S residential property auction market is back on familiar territory.
Following a short reprieve, there were 488 auctions reported last Saturday, of which 324 sold resulting in a clearance rate of 85%. Just 75 properties were passed in, 42 on a vendors bid.
In the same weekend in 2008 there were 605 auctions and a clearance rate of 63%.
The REIV expects listings for the next few weeks to be strong, nearly double what they were this time last year.
“Common perception may be for buyer’s interest to cool off in the face of projected interest rate increases however that perception does not take into account the underlying factors driving the market – a significant gap between the housing needs of our growing population and our ability to provide them the homes they need to live in,” president Enzo Raimondo said.
The total value of auction sales was $272.42 million. Melbourne’s private sales market reported 855 transactions totaling $421.45 million.
Meanwhile Australian Property Monitors’ Home Price Guide showed 359 properties went under the hammer in Sydney and 183 sold, representing a clearance rate of 71.2%.
The total value of properties sold was $131.8 million. The most expensive property sold was a four bedroom house in South Coogee for $4.60 million and cheapest was a $200,000 three bedroom townhouse at Macquarie Fields.
Adelaide reported 49 auctions and 21 sales totaling $9.9 million and Brisbane had 65 auctions and 10 sales totaling $2.6 million.
Australian Property Journal
