Ensure you never miss an issue of the
real estate business bulletin
Auction activity warms up

Auction activity warms up

by Reporter 0 comments

Jessica Darnbrough

Auction clearances are on the up in Sydney and Melbourne, but the activity levels in both cities are still a long way from the highs recorded this time last year, according to Australian Property Monitors.

In Sydney, 62.2 per cent of all properties cleared over the weekend.

The most expensive property sold in the capital city was $2.3 million three bedroom house in Newtown, while the most affordable property purchased was a $205,000 three bedroom house in Tregar.

While the auction clearance rate was slightly higher than the 58.5 per cent recorded the weekend before, it was still a long way from the 73.5 per cent recorded this time last year.

And the story in Melbourne was much the same.

More than 64 per cent of properties cleared in the capital city over the weekend, a long way from the 79.7 per cent achieved this time last year.

Despite the fall in auction clearances, Real Estate Institute of Victoria chief executive Enzo Raimondo said from a city wide perspective, Melbourne’s residential auction market is very consistent right now.

“This weekend, there was a total of 881 auctions reported of which 579 sold, 302 were passed in, 191 of those on a vendors bid,” Mr Raimondo said.

“The REIV is expecting over 800 auctions on each of the next three weekends, continuing this weekend’s solid number of listings.”

 

 

 

 

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Auction activity warms up
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Removing financial risk and increasing buyer interest

ListSure is a service that aims to take the financial risk out of selling a property. It achieves this by providing a unique finance and ins...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes
No
Perhaps - make me an offer
Do you have an industry update?