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Auction results point to improving market

Auction results point to improving market

by Reporter 0 comments

Staff Reporter

Over 2,000 auctions were conducted over the weekend, according to Australian Property Monitors (APM), with more than half being held in Melbourne.

The number of auctions in Melbourne fell just short of the 1,210 prediction given by Enzo Raimondo, president of the Real Estate Institute of Victoria (REIV).

“[The] results demonstrate the underlying strength of the market currently, as the outcome is consistent with this year's trend and the volume of auctions is higher than seen since mid-December 2010,” Mr Raimondo said.

He estimated there would be just 60 auctions next Easter weekend.

According to APM, Melbourne recorded a 66.1 per cent clearance rate from 1,152 properties, down 0.3 per cent from last week.

Sydney’s clearance rate improved slightly, lifting from 68.7 per cent to 70.5 per cent after 682 properties were put to auction.

Just under a third of the 103 properties put to auction in Brisbane were sold for a clearance rate of 31.7 per cent, significantly up from last week’s result of 25 per cent.

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Auction results point to improving market
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