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Auction activity soars in Sydney and Melbourne

06 October 2009 Reporter

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.

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.

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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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