Auctions fail to excite buyers

Auctions fail to excite buyers

04 April 2011 by Jessica Darnbrough 0 comments

Buyers in Sydney and Melbourne once again held the upper hand, with clearance rates failing to top 60 per cent in both capital cities.

Sydney recorded a clearance rate of 56.7 per cent – significantly down on the 71.4 per cent achieved this time last year, according to Australian Property Monitors.

And the story was much the same in Melbourne, with the capital city clearing 59.7 per cent of all properties, down from 78.6 per cent last year.

Real Estate Institute of Victoria Enzo Raimondo said this week’s result was not a one off event.

Looking at the first quarter of the year, the average auction clearance rate is a long way off previous years.

“The first quarter of auctions this year has now been completed. The year to date clearance rate is 63 per cent compared to 86 per cent at the end of the first quarter of 2010 and 74 per cent in 2009,” Mr Raimondo said.

“The financial turnover in the residential market is 17.5 per cent below last year and 48 per cent above 2009. Of suburbs that have seen more than 20 auctions this year the highest clearance rate is in Malvern at 93 per cent, followed by Epping at 91 per cent and Moorabbin at 86 per cent.”


promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, 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
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?