Idle auction rates picked up this weekend, with the four major cities recording increases.
Auction figures released by Australian Property Monitors (APM) found that there has been an increase in clearance rates across the four major cities of Sydney, Melbourne, Adelaide and Brisbane when compared to the same time last year.
According to the Real Estate Institute of NSW, Sydney recorded a clearance rate of 64 per cent over the weekend, up almost four per cent from this time last year.
“This week saw 281 properties reported sold and 156 pass in for a clearance rate of 64 per cent,” REINSW CEO Tim McKibbin said.
“The overall clearance rate for the year to date has been 57 per cent.
“The suburbs showing the strongest clearance rates have tended to be on the south side of the harbour, with most areas between Leichhardt and Bondi having an average clearance rate of 60 per cent of higher.”
According to the Real Estate Institute of Victoria (REIV) the state's weekend auction clearance rate was 63 per cent, compared to 61 per cent last weekend, and 52 per cent on this weekend last year.
“The same weekend last year marked a turning point in the auction market, with the clearance rate falling to the mid- to low 50s throughout winter and into the spring,” REIV CEO Enzo Raimondo said.
“At this point, that outcome looks unlikely to be repeated this year, which is positive news for vendors.
There were 591 auctions reported to the REIV this weekend, with 370 selling and 221 being passed in, 135 of those on a vendors bid.
“Next week the REIV estimates 600 auctions will be conducted followed by 680 the following week,” he said.
Brisbane jumped by almost 35 per cent from last year, to record an auction clearance rate of 50 per cent, while Adelaide’s stagnant auction results recorded a modest increase, sitting at 36 per cent.
The most expensive property sold over the weekend across the four major cities, according to the APM was a four bedroom house in Canterbury, Victoria, which went under the hammer for $4.1 million.
However, the REIV reports the most expensive property sold across the weekend was a four bedroom home in Kew which went for $4.4 million.
A three bedroom house located in Brighton in Victoria, took the title of the weekend’s most affordable property, selling for $126,000.