Auctions cool heading into winter

Auctions cool heading into winter

30 May 2011 by Staff Reporter 0 comments

Staff Reporter

Lacklustre auction clearance results in Sydney and Melbourne suggest the winter downturn has well and truly arrived.

According to the latest data from Australian Property Monitors, the auction clearance rate in Sydney and Melbourne was 58.7 per cent and 58.8 per cent respectively.

This auction activity is a far cry from the 70 per cent plus highs achieved less than two years ago.

“For the fifth weekend in a row demand remained subdued at auctions in Melbourne with a clearance rate in the 50's being recorded,” Real Estate Institute of Victoria chief executive Enzo Raimondo said.

“The clearance rate is 59 per cent from the 829 auctions reported this weekend. This weekend last year saw 990 auctions held and a clearance rate of 72 per cent achieved.”

But while demand for houses has dropped considerably, it seems a lot of people are still keen to sell, with more than 840 houses put under the hammer in Melbourne this weekend.

And, according to the Real Estate Institute of Victoria, another 785 properties are expected to go to auction next weekend.

 

 

 

Staff Reporter

Lacklustre auction clearance results in Sydney and Melbourne suggest the winter downturn has well and truly arrived.

According to the latest data from Australian Property Monitors, the auction clearance rate in Sydney and Melbourne was 58.7 per cent and 58.8 per cent respectively.

This auction activity is a far cry from the 70 per cent plus highs achieved less than two years ago.

“For the fifth weekend in a row demand remained subdued at auctions in Melbourne with a clearance rate in the 50's being recorded,” Real Estate Institute of Victoria chief executive Enzo Raimondo said.

“The clearance rate is 59 per cent from the 829 auctions reported this weekend. This weekend last year saw 990 auctions held and a clearance rate of 72 per cent achieved.”

But while demand for houses has dropped considerably, it seems a lot of people are still keen to sell, with more than 840 houses put under the hammer in Melbourne this weekend.

And, according to the Real Estate Institute of Victoria, another 785 properties are expected to go to auction next weekend.

 

 

 

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?