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.”





Auction activity warms up
lawyersweekly logo
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
Turning a shy personality into a confident agent

McGrath Epping’s Betty Ockerlander is number 15 in this year’s REB Top 100 Agents ranking, a position earned through her dedication to ...

View all podcasts

What keeps you awake at night?

The threat from the so-called digital disruptors like the property portals, DIY models and lead generating platforms
Competition from other agents in my local catchment area
Changes in the traditional real estate model and an uncertain future for the industry
The current cooling markets and other economic influencers
Nothing. I back myself to meet the challenges ahead
Do you have an industry update?