This article is from the Australian Property Journal archive
THE residential property auction market has yet to blossomed in the season spring, the last weekend of October saw more properties passed in.
Last weekend in Melbourne, the auction market settled down after a high number of properties went on the market and failed to sell in the previous weekend.
There were 354 auctions and 236 sales and 118 properties were passed in, 71 of those on a vendors bid, according to the REIV.
According to independent data from Australian Property Monitors’ Home Price Guide, the number of properties passed in has almost doubled when compared to the same period a year. In the same Saturday last year, 68 properties were passed in.
The clearance rate was 68%. The same weekend last year there were 338 auctions and a clearance rate of 83%.
The total value of properties sold was $161.15 million. Meanwhile there were 634 private sales totalling $318.2 million. The most expensive property sold was a six bedroom house in Thornbury for $1.33 million and cheapest was a three bedroom house in Endeavour Hills for $301,000.
The REIV said stock levels continue to be high with 2600 auctions expected in the next three weeks.
Meanwhile Sydney’s auction market saw a surge in listings last weekend, APM’s Home Price Guide recorded 659 auctions and 258 sales with 201 results unreported to date.
So far $226.6 million worth of properties were sold which is well up on the previous weekend’s $178.5 million and $206.2 million in the same weekend last year.
The most expensive property sold was a four bedroom house in Balmain $3.1 million and cheapest was a one bedroom unit in Rosehill for $135,000.
Australian Property Journal
