This article is from the Australian Property Journal archive
OVER $1.1 billion worth of residential properties sold under the hammer over the much-publicised “lucky Chinese” weekend.
Sydney recorded $525.1 million in home sales, according to Domain Group. There were 848 listings, 674 auctions and 549 properties sold resulting in a clearance rate of 75.4%.
The clearance rate is inline with the previous weekend’s 75.7%, which had fewer listings of 643, 572 auctions and 461 sales totalling $415.7 million. In the same weekend last year, the clearance rate was 75.8% from 436 listings, 393 auctions and 317 sales totalling $323.7 million.
The most expensive property sold was at 1 Dangar St Randwick for $5,150,000 and cheapest was at 70 Manoa Rd Halekulani for $308,000.
Melbourne recorded $668.18 million in home sales, according to the REIV. There were 872 auctions and 689 properties sold, whilst 183 homes were passed in, of which 87 were on a vendor’s bid.
A clearance rate of 79% was recorded last weekend compared to 77% (699 auctions) last weekend and 72% (693 auctions) this weekend last year.
The most expensive property sold was at 41 Atkins St Kew for $4,325,000 and most affordable was at C16/1-5 Grantham St Brunswick West for $165,000.
Meanwhile there were 370 private sale totalling $219.25 million.
REIV CEO Enzo Raimondo said there were about 2,700 auctions in the month of July with 77% selling. This is up 14% from the same time last year, with auction sales also notably higher (up 22%) in comparison to July 2014.
Meanwhile the value of housing finance increased by 2.8% in June to $32,065 million, according to the Australian Bureau of Statistics. Owner occupier demand increased strongly by 5.5% to $18,558 million.
On the other hand, investor demand fell 0.7% to $13,507 million.
Australian Property Journal
