This article is from the Australian Property Journal archive
THE number of residential properties coming on the market for auction has fallen significantly since Easter and over the next few months there will find less homes on offer.
Last weekend in Melbourne there were 480 auctions reported of which 276 sold and 204 were passed in, 116 of those on a vendors bid, according to the REIV.
The clearance rate was 57% which is 5% less than the year to date clearance rate of 62%, on 872 auctions and a clearance rate of 80%.
However the results have not accounted for 102 auctions which have not reported a result.
REIV CEO Enzo Raimondo said auction numbers are less than this time last year when there was an average of 868 per weekend in May, however last year the number of auctions at this time was unseasonably high.
In contrast during May 2009 the average was 484 each weekend and in 2008 the comparative average was 666.
The total value of auction sales has fallen to $173.05 million compared $477.2 million in the same weekend last year, according to Australian Property Monitors’ Home Price Guide.
Meanwhile there were 511 private sales totalling $249.05 million.
Last weekend in Sydney there were 351 listings and 244 properties reported for auction of which 158 sold, resulting in a clearance rate of 53.9%, according to the Home Price Guide.
This time last year, there were 473 auctions and 355 sales representing a clearance rate of 71.4%.
The total value of sales last weekend was $115.8 million compared to $291.4 million last year.
The most expensive property sold was five bedroom house in Connells Point for $2,350,000 and cheapest was three bedroom house in Emerton for $200,000.
Australian Property Journal
