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Melbourne achieves best auction results of the year

26 October 2009 Reporter

While auction clearance rates remained relatively stable across the weekend, Melbourne managed to achieve its biggest weekend for the year as more than 950 properties went under the hammer.

Figures from Australian Property Monitors revealed that Melbourne recorded a 74.9 per cent auction clearance rate, in line with last week’s result of 76.4 per cent.

However it was the volume of stock that captured the market’s attention.

To date, 675 properties of the 950 listed for auction have not been accounted for. From the total listed, only 155 were confirmed as having sold under the hammer, with another 51 sold before auction.

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In Sydney, the auction clearance rate remained relatively stagnate, achieving a 61.1 per cent rate, down from 64.7 per cent recorded the week before.

A five bedroom house in Burwood was the most expensive property sold over the weekend for $2.49 million; a three bedroom house in Mount Druitt was the cheapest property sold for $241,000.

More than 150 properties were sold in Sydney for a total value of $123.9 million.

Both Brisbane and Adelaide recorded less than impressive results, failing to achieve clearance rates above 60 per cent.

In Brisbane 10 properties were sold for a clearance rate of 33.3 per cent, while Adelaide faired a little better, selling 16 properties for a clearance rate of 67.1 per cent.

Melbourne achieves best auction results of the year
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