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Auction activity soars in Sydney and Melbourne

By Staff Reporter
06 October 2009 | 1 minute read

The recent surge in home buying activity shows no signs of abating as Sydney and Melbourne both recorded auction clearance results above 70 per cent over the weekend.

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More than 260 properties went under the hammer in Melbourne this weekend, 190 of which were sold for a clearance rate of 72.2 per cent.

In Sydney, 79 properties were sold for a combined total of $61.5 million and a clearance rate of 72.5 per cent. The number sold was done on last weekend’s 382 properties however – a possible result of the long weekend and the Rugby League Grand Final.

A property in Clovelly, which sold for $4 million, was the most expensive sale; a two bedroom unit in Mount Druitt was the cheapest at $163,000.

Adelaide and Brisbane also performed strongly, with both capital cities achieving clearance rates over 50 per cent.

In Adelaide 13 properties were sold for $5.6 million – a marked increase on last week’s six properties sold under the hammer.

In Brisbane nine properties were sold over the weekend for a clearance rate of 50.0 per cent. Last week, the clearance rate was 40.8 per cent.

Auction activity soars in Sydney and Melbourne
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