Sydney recorded its biggest auction day of the year on Saturday as many first home buyers attempted to take advantage of the full FHOG before it is scaled back this week.
Data from Australian Property Monitors showed that almost two-thirds of the 690 properties listed this weekend were sold under the hammer for a clearance rate of 62.8 per cent.
Chief auctioneer at McGrath Estate Agents, Scott Kennedy, told The Australian Financial Review, that the estate agency had sold 66 of the 110 properties listed, including a house in Bronte for $3.6 million.
“There were a terrific number of buyers at all of our auctions, there was a lot of energy,” Mr Kennedy said.
A house in Bellevue Hill was the most expensive property sold over the weekend for $4.55 million; the cheapest was a parcel of land on the Great Western Highway which sold for $142,000.
Melbourne did not perform quite as well as its eastern seaboard counterpart.
The AFL grand final meant fewer properties were listed on the market this weekend – only 21 properties were sold for a clearance rate of 77.8 per cent.
Melbourne’s auction market traditionally takes a breather on the grand final day.
In Brisbane and Adelaide, clearance rates rose marginally in comparison to last week.
Adelaide sold four properties for a total of $1.7 million and a clearance rate of 57.1 per cent, up from 30.0 per cent this time last year.
Brisbane’s clearance rate also improved – reaching 44.4 per cent, up from 40.4 per cent last weekend.
This Thursday, the first home owners grant will be cut from $14,000 to $10,500 for existing homes and from $21,000 to $14,000 for new homes, before being scaled back to $7,000 next year.