This article is from the Australian Property Journal archive
CONFIDENCE is slowly creeping back into the residential auction market, according to the REIV.
Last weekend, the clearance rate improved to 70% from the previous week result of 66%. President Enzo Raimondo said this result will provide encouragement and confidence to vendors with homes listed for auction between now and the election.
“An interest rate increase next week would reduce that confidence,” he added.
There was a total of 561 auctions reported of which a total of 393 sold and 168 were passed in, 109 of those on a vendors bid. The same weekend last year saw 374 auctions, well under this weekend and a clearance rate of 87%. The total value of properties sold $272.97 million.
Melbourne also recorded 621 private sales last weekend totalling $322.53 million.
According to Australian Property Monitors’ Home Price Guide, the most expensive property sold was five bedroom house in Glen Iris for $2,285,000 and cheapest was a one bedroom unit in Noble Park for $206,500.
Next weekend the REIV expects 520 auctions.
Meanwhile Sydney’s market dipped below 60% last weekend with 364 auctions and 138 sales resulting in a clearance rate of 59%. The total value of properties sold was $111.9 million – this is down from the previous weekend’s 334 auctions and 192 sales totalling $154.9 million.
However the market is stronger than the same Saturday last year where 204 properties went under the hammer and 133 sold totalling $81.2 million, according to Home Price Guide.
A three bedroom house in Strathfield was the most expensive property sold, fetching $1,825,000 and a three bedroom townhouse in Woy Woy was the cheapest at $241,000.
Adelaide had 36 auctions and five sales totalling $2.6 million and Brisbane reported 51 auctions and one sale.
Australian Property Journal
