This article is from the Australian Property Journal archive
THE latest interest rate rise has failed to dampen activity in the residential property auction market.
Although activity in Melbourne’s auction market was somewhat subdued last Saturday because of the Labour Day long weekend, demand was strong for the properties that were on offer.
The REIV reported 238 auctions on the weekend of which 208 sold and 30 passed in – representing a clearance rate of 87%.
According to Australian Property Monitors’ Home Price Guide, this is well the results reported above the previous period last year where the clearance rate of 69.5% from 135 property auctions and 73 sales totaling $28.7 million.
Last Saturday, buyers spent $131.07 million. The median house price was $642,500 and apartment was $515,000.
Activity was strong in the private sales market with 686 properties sold totaling $313.11 million.
Over the next three weekends, approximately 2500 properties are expected to go under the hammer.
In Sydney, the Home Price Guide reported 391 auctions and 210 sales, resulting in a clearance rate of 70.5%. The total value of properties sold was $177.7 million. In the same period last year, Sydney had 233 auctions and 144 sales totaling $94.8 million.
The most expensive property sold was a five bedroom house in Mosman for $6.15 million and cheapest was a two bedroom unit in Mount Druitt for $240,000.
Adelaide reported 35 auctions and 15 sales on the weekend totaling $7.2 million whilst Brisbane had 30 auctions and nine sales totaling $5.6 million.
Australian Property Journal
