This article is from the Australian Property Journal archive
THE residential real estate market has recorded its strongest result before Easter with Melbourne raking in $931.5 million worth of sales on the weekend.
According to the REIV, buyers and sellers in Melbourne were out in force before next weekend’s Easter break.
Last Saturday, Melbourne auctioned a record 1004 properties of which 842 selling and 162 were passed in, 76 of those passed in on a vendors bid.
The clearance rate was 84% well above the same weekend last year when it was 77% and the corresponding weekend in 2008 when it was 63%.
The total value of properties sold $654.18 million. According to Australian Property Monitors’ Home Price Guide, this is well above the previous year’s result of $108.5 million.
The Home Price Guide also reported that the most expensive sale was a one bedroom unit in Toorak for $4.2 million and cheapest was a two bedroom unit in Collingwood for $220,000.
President Enzo Raimondo said it is clear that as a result of a healthy economy and a stock shortage that the Melbourne residential market is very strong and it has not recorded such a demand level before Easter in recent times.
Meanwhile the private sales market was also strong with 591 transactions totaling $277.32 million. Next week is Easter and under 50 auctions are expected.
Sydney’s residential auction market is not showing any signs of abating. According to Australian Property Monitors’ Home Price Guide, there were 771 auctions on the weekend – a record for the city. There were 345 sales totaling $299.2 million.
This is compared to the same weekend last year, where 369 properties went under the hammer and 228 sold totaling $158.8 million.
The most expensive property sold was at Cammeray for $4.85 million and cheapest was a three bedroom house in Springsfield for $245,000.
Meanwhile in Brisbane, 87 properties went under the hammer and nine sold totaling $2.9 million. Adelaide reported 61 auctions and 31 sales totaling $19.7 million.
Australian Property Journal
