This article is from the Australian Property Journal archive
MELBOURNE’S residential auction market has come off the boil with the number of properties going under the hammer falling substantially when compared to recent weeks.
According to the REIV, there were 539 auctions reported last weekend which is below the high number of 800+ in recent weeks. However the market remains 30% higher than last year’s 292 properties.
Meanwhile Melbourne’s auction clearance rate has dipped to 67%. Of the 539 properties auctioned 355 sold and 174 were passed in, 95 of those on a vendors bid.
Independent data from Australian Property Monitors’ Home Price Guide shows the 52-week high clearance rates was 90%.
The total value of properties sold by auction was $226.85 million and the private sales sector had 616 transactions totaling $290.19 million.
Next weekend the REIV expects 550 auctions.
Sydney’s residential auction market has also run its course, according to the APM’s Home Price Guide. Last weekend there were 433 auctions and 152 sales resulting in a clearance rate of 58.5%, the total value of sales was $120.1 million.
This is compared to the last week’s result of 539 auctions and 270 sales totaling $212.7 million. The most expensive property sold was a five bedroom house in Balgowlah for $2.38 million and cheapest was a 1 bedroom unit in Kent Street Circular Quay for $284,000.
Australian Property Journal
