This article is from the Australian Property Journal archive
THE residential property auction market is set to be tested in the coming weeks after a slow start to the year.
Last weekend in Melbourne, there were 338 auctions and 222 sales resulting in a clearance rate of 66%. According to the REIV, 116 properties were passed in and 67 on a vendors bid. The result is better than the previous weekend’s 182 auctions and a clearance rate of 54%.
The total value of properties sold was $139.52 million.
But REIV CEO Enzo Raimondo said there is no sign yet that the market has shifted in any significant way from the way it ended in 2010.
Meanwhile there were 632 private sales totalling $304.49 million.
Raimondo said the next three weekends will see significantly more auctions with 695 next weekend followed by 980 and 910 in the following two weekends.
“The high number of listings shows that sellers have a reasonable degree of confidence in their prospects, reflecting the overall health of the national and state economy,” he added.
In Sydney, the Australian Property Monitor’s Home Price Guide reported 279 auctions and 134 sales representing a clearance rate of 69.9%. The total value of properties sold was $75 million.
The result was an improvement on the previous week’s 107 auctions and 89 sales totalling $19.7 million.
Last weekend, the median house price achieved in Sydney was $730,000 and the median unit price was $577,000.
Home Price Guide reported 50 auctions in Adelaide and 28 sales totalling $7.5 million, whilst in Brisbane there were 42 auctions and 13 sales.
Australian Property Journal
