Auction results run hot

Auctions continue to retain heat despite the cooler months, with higher clearance rates recorded over the previous weekend, according to Australian Property Monitors (APM).

Clearance rates in Sydney were 75.6 per cent and the value of total properties sold topped $337 million, compared to 70.8 per cent and $213.1 million last week.

On the same weekend last year, the clearance rate was 75 per cent and the total value sold was $323 million in Sydney, an increase of $14 million in total value sold.

“High auction numbers are set to continue to test the market through June, with 576 homes scheduled to go under the hammer next weekend [in Sydney] - again well ahead of last year’s 424,” APM senior economist Dr Andrew Wilson said in a statement.

In Melbourne, about 74 per cent of reported properties sold for a total of $324 million, compared to 68 per cent and $300 million 12 months ago.

Compared to last weekend, the clearance rate was 69.2 per cent, with $84.5 million in total properties sold, an increase of 4.6 per cent and $239.9 million.

Dr Wilson said the Melbourne weekend home auction market continues to record “remarkably consistent” results despite the onset of the usually quieter winter selling season and high listing numbers.

“Robust clearance rates have been recorded in Melbourne despite unprecedented numbers of auctions conducted for this time of the year,” he added.

The top seller in Sydney was a $5.25 million two-storey house with four bedrooms and three bathrooms in Mosman.

Melbourne’s top seller was a $4.65 million architect-designed house with swimming pool in Hawthorn.

Brisbane and Adelaide reported drops in auction clearance rates from the previous weekend, recording 38.5 per cent and 58.3 per cent respectively. 

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