This article is from the Australian Property Journal archive
MELBOURNE'S residential property auction has passed an important test last Saturday.
The market scored a high clearance rate of above 80% for five months in row despite the deluge of properties auctioned on the weekend.
The REIV figures show there were 882 auctions last Saturday, which is the highest number of properties going under the hammer than any other weekend this year.
And 670 properties sold resulting in a clearance rate of 82% compared to 53% in the same weekend last year. There were 160 homes passed in, of which 90 were passed in on a vendors bid.
REIV president Enzo Raimondo said the result is an indication of the depth of demand. He expects the pressure will continue between now and Christmas.
The total value of properties sold was $583.28 million and the median price achieved was $770,500.
Meanwhile the private sales market transacted 741 properties worth $323.76 million.
Next weekend, the REIV expects just over 400 auctions.
In Sydney, Australian Property Monitors’ Home Price Guide shows there were 355 auctions and 160 sales, resulting in a clearance rate of 61.1%.
The total value of properties sold was $123.9 million and the most expensive property was a five bedroom house in Burwood for $2.49 million.
Adelaide recorded 46 auctions and 20 sales totalling $9.8 million whilst Brisbane had 52 auctions and 10 sales totalling $3.1 million.
Australian Property Journal
