This article is from the Australian Property Journal archive
THE residential auction market is not off to a festive start as it entered into the busiest four week period leading up to Christmas.
Over the next three weekends in Melbourne, over 1,000 properties are expected to go under the hammer for each of the weekends, according to the REIV.
Whilst last weekend there were 893 auctions of which 531 sold and 362 were passed in, 234 of those on a vendors bid. Meanwhile there were 144 auctions which did not report a result.
This resulted in a clearance rate of 59% which is consistent with the market’s performance since the latest interest rate increase. This weekend last year saw 739 auctions and a clearance rate of 81%.
The total value of properties sold by auction last weekend was $403.75 million.
There were 521 private sales totalling $264.76 million.
Australian Property Journal
