Auctions heat up

Auctions heat up

18 July 2011 by Staff Reporter 0 comments

Staff Reporter

Miserable weather did not deter buyers from purchasing property at the weekend, with clearance rates climbing to almost 60 per cent.

According to Australian Property Monitors, 55.9 per cent of properties sold under the hammer in Sydney – up from 52.0 per cent achieved this time last week.

The most expensive property sold in the capital city was a three bedroom house in Riverview, which went under the hammer for $3.3 million.

The most affordable property to sell was a $286,000 two bedroom house in Merrylands.

In Melbourne, the story was much the same, with 58.9 per cent of properties clearing at the weekend.

But while Melbourne auctions performed strongly over the weekend, Real Estate Institute of Australia chief executive Enzo Raimondo said there was now little difference between buying at auction and private sale.

“The REIV June quarter median prices showed that over the last three months there was little difference between demand at auction to that at private sale with the median price of houses sold at auction increasing by 1.2 per cent, and those sold at private sale increasing by one per cent,” he said.

“The median price of houses sold at auction was $730,000 and for those at private sale it was $500,000.

“Over the year there was a different picture, private sales have performed more strongly, with an 8 per cent increase compared to 2.5 per cent.”

Staff Reporter

Miserable weather did not deter buyers from purchasing property at the weekend, with clearance rates climbing to almost 60 per cent.

According to Australian Property Monitors, 55.9 per cent of properties sold under the hammer in Sydney – up from 52.0 per cent achieved this time last week.

The most expensive property sold in the capital city was a three bedroom house in Riverview, which went under the hammer for $3.3 million.

The most affordable property to sell was a $286,000 two bedroom house in Merrylands.

In Melbourne, the story was much the same, with 58.9 per cent of properties clearing at the weekend.

But while Melbourne auctions performed strongly over the weekend, Real Estate Institute of Australia chief executive Enzo Raimondo said there was now little difference between buying at auction and private sale.

“The REIV June quarter median prices showed that over the last three months there was little difference between demand at auction to that at private sale with the median price of houses sold at auction increasing by 1.2 per cent, and those sold at private sale increasing by one per cent,” he said.

“The median price of houses sold at auction was $730,000 and for those at private sale it was $500,000.

“Over the year there was a different picture, private sales have performed more strongly, with an 8 per cent increase compared to 2.5 per cent.”

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