Auctions fail to impress

Auctions fail to impress

by 0 comments

Staff Reporter

Auctions in both Sydney and Melbourne once again failed to impress buyers, with the capital cities returning lacklustre results.

According to the latest data from Australian Property Monitors, just 52.8 per cent of properties cleared in Sydney over the weekend – a far cry from the 72.4 per cent achieved this time last year.

And the story was much the same in Melbourne.

In the Victorian capital, just 60.5 per cent of properties were successfully sold under the hammer at the weekend – down from 79.6 per cent this time last year.

Real Estate Institute of Victoria chief executive Enzo Raimondo said it was interesting to note that demand was actually quite high in the inner southern suburbs, with the area recording higher than average clearance rates.

“The highest demand has been recorded in the inner southern suburbs where an auction clearance rate of 70 per cent has been recorded compared to 55 per cent in the northern and western suburbs,” he said.

Staff Reporter

Auctions in both Sydney and Melbourne once again failed to impress buyers, with the capital cities returning lacklustre results.

According to the latest data from Australian Property Monitors, just 52.8 per cent of properties cleared in Sydney over the weekend – a far cry from the 72.4 per cent achieved this time last year.

And the story was much the same in Melbourne.

In the Victorian capital, just 60.5 per cent of properties were successfully sold under the hammer at the weekend – down from 79.6 per cent this time last year.

Real Estate Institute of Victoria chief executive Enzo Raimondo said it was interesting to note that demand was actually quite high in the inner southern suburbs, with the area recording higher than average clearance rates.

“The highest demand has been recorded in the inner southern suburbs where an auction clearance rate of 70 per cent has been recorded compared to 55 per cent in the northern and western suburbs,” he said.

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
Marnie Seinor on structure, database DNA and connecting with her local community

There’s no such thing as an “off switch” in real estate – so says McGrath agent Marnie Seinor, who came in at number 78 in this year...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Yes
No
Depends on the group
Do you have an industry update?