This article is from the Australian Property Journal archive
SYDNEY’S residential property auction clearance rate has fallen to 56.2%.
Last weekend in Sydney, Australian Property Monitors Home Price Guide recorded 496 listings. There were 345 auctions reported and 221 sold. There were also 48 properties withdrawn from the market. The total value of properties sold was $222.6 million.
In the previous weekend, there were 517 auctions and 345 sales resulting in a clearance rate of 60.2%, totalling $324.3 million.
In the same weekend last year, there were 387 auctions and 253 sales, representing a clearance rate of 70.9%, totalling $224.9 million.
Melbourne’s auction clearance rate was slightly lower at 65% from 68.3% a week earlier. There were 852 auctions and 565 sales and there were 131 auctions which have not reported a result, according to the REIV. Of the 287 properties passed in, 164 were on a vendors bid.
The total value of auction was $39.6 million.
This weekend last year saw 252 auctions and a clearance rate of 88%, the low volume a result of Labour Day, conditions that will be repeated next weekend.
CEO Enzo Raimondo said despite a third of homes not selling at auction many real estate agents reported strong sales returning sale prices well above reserve.
Meanwhile there were 592 private sales totalling $301.1 million.
After next weekend, Raimondo expects low number of auctions volumes.
Elsewhere in Adelaide, there were 23 auctions and 10 sales totalling $4.6 million and Brisbane had 24 auctions and four sales totalling $2.2 million.
Australian Property Journal
