Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Melbourne achieves best auction results of the year

By Staff Reporter
26 October 2009 | 1 minute read

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.

Advertisement
Advertisement

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.

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
default
lawyersweekly logo

Feeling burnt out? The newest event to hit the industry, REInnovate, is a must-attend for serious real estate professionals facing the pressures of a heavy workload. Get ready to walk away with the undeniable structure for success, efficiency and profitability, and get yourself back on track to focus on what’s really important for your business. Get your early bird ticket now.

Tags:

Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Queenton
69.76%
Flying Fish Point
69.61%
Point Piper
69.17%
Glenelg South
69.02%
Pretty Beach
69.01%
Bar Beach
68.9%
Northampton
68.7%
Kembla Grange
66.91%
Boomerang Beach
66.67%
Gnarabup
66.67%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.