This article is from the Australian Property Journal archive
MELBOURNE'S residential property auction market recorded a clearance rate of 66% last weekend, ahead of the spring selling season next weekend.
The clearance rate was significantly higher than 57% in the previous weekend and 52% in the same weekend last year.
There were 516 homes that went under the hammer and 340 sold whilst 176 were passed in of which 103 were on a vendor’s bid, and 48 auctions did not disclose a result. The total value of auction sales were $219.72 million.
REIV CEO Enzo Raimondo said vendors looking to sell over spring will hope this clearance rate continues over the next few months.
“The weekend result represents a substantive improvement on the year to date clearance rate of 60%,” he added.
In the same weekend last year, there were 525 auctions and a clearance rate of 52%. The total value of auction sales was $221.15 million, which is well below the $366.23 million figure in same weekend in 2010 and $370.81 million in 2009.
The private sales market recorded 473 transactions totalling $219.72 million compared to the same weekend in 2011 with 500 sales totalling $236.38 million.
In the same weekend in 2010, there were 622 private sales totalling $300.69 million and in 2009, there were 704 sales totalling $330.03 million.
REINSW CEO Tim McKibbin said the Sydney auction market is gearing up for the spring selling season.
“With a several warm days in the past week providing a much need break from the winter chill, it is clear that the New South Wales property market is gearing up for a strong spring selling season.
“Generally, spring is the season when we see more properties on the market, and with spring just around the corner, we are expecting healthy results over the next few weeks,” he added.
There were 322 auctions and 195 sales resulting in a clearance rate of 61%. There were 127 properties passed in, 23 of which were on a vendor’s bid whilst 50 auctions did not disclose a result. The total value of sales was $131.73 million.
In the same weekend last year there were 372 auctions and 194 sales resulting in a clearance rate of 53.9%. The total value of properties sold was $163.4 million, according to Australian Property Monitors’ Home Price Guide.
Sydney’s private sales market has 207 sales totalling $97.86 million.
Property Review
