Auctions get a rush before footy final

SELLERS and buyers were out in force in Melbourne last weekend before the AFL Grand Final.

According to the REIV, the increase in stock however has not negatively impacted demand.

There were 664 auctions reported this weekend with a total of 477 selling and 187 passed in, 114 of those on a vendors bid, resulting in a clearance rate of 72% recorded, compared to 67% last weekend. In the same period, last year there were 820 auctions held with a clearance rate of 82%.

The total value of properties sold by auction was $373.67 million. According to Australian Property Monitors’ Home Price Guide, the most expensive property sold was a 3 bedroom house in Malvern East for $2.07 million and cheapest was a two bedroom unit in Dandenong for $233,500.

Meanwhile the private sales market had 518 transactions totalling $263.8 million.

Home Price Guide® Auction Results – MELBOURNE SUMMARY

52 Week hi – 90%
52 Week low – 62%

Next weekend there are around 50 auctions due to the AFL Grand Final followed by just under 600 the following weekend.

According to the Home Price Guide, last Saturday in Sydney there were 553 auctions and so far 214 sales were reported whilst 195 results remain unreported. The clearance rate was 59.8% and the total value of properties sold was $193.7 million.

The most expensive property sold was a five bedroom house in Paddington for $4.75 million and cheapest was a studio apartment at Bondi Beach for $230,000.

Home Price Guide® Auction Results – SYDNEY SUMMARY

52 Week hi – 77%
52 Week low – 56%

Australian Property Journal