Auctions have ended this year on a high note, following strong weekend clearances in Australia’s four largest auction markets.
Despite three interest rate hikes in as many months, bidders were out in force on what has traditionally been the largest auction day before Christmas.
Sydney achieved a clearance rate of 65 per cent, after more than 550 properties went under the hammer.
While the clearance rate was down on last weekend’s 65.8 per cent achievement, considerably more homes were sold.
A four bedroom unit on Bondi Beach was the most expensive property sold over the weekend, selling on Saturday for $8 million.
A three bedroom house in Watanobbi was the least expensive property sold for $180,500.
Auction capital Melbourne had a 74.3 per cent clearance rate, which was slightly down on the previous week’s 76 per cent, but like Sydney, the city experienced a spike is sales numbers.
According to Australian Property Monitors, Melbourne had 1030 scheduled auctions compared with 883 the previous Saturday.
Both Sydney and Melbourne have finished the year in a much better position than last year when clearance rates struggled to top 50 per cent.
Adelaide and Brisbane also managed to perform quite well over the weekend.
Although traditionally the quietest of the four auction markets, Adelaide and Brisbane both managed to record clearance rates of 50 per cent or above.
Adelaide’s clearance rate was 51.5 per cent, up from 44.4 per cent last weekend, while Brisbane achieved a clearance rate of 50.0 per cent, markedly higher than last week’s 35.3 per cent.