Auction rates up almost 20pc from last year

Auction rates up almost 20pc from last year

04 March 2014 by Steven Cross 1 comments

Residential auction clearance rates remained relatively high over the weekend, according to Australian Property Monitors (APM).

Sydney’s clearance rate reached 82.7 per cent, up 1.0 per cent from the week before and almost 20 per cent higher than the same time last year when the clearance rate was just 64.5 per cent.

Auction numbers in the NSW capital were slightly down on last week, from 780 to 666.

While the median selling price for Sydney houses remained unchanged, more affordable unit stock was available this weekend, with the median selling price dropping almost $40,000 from $719,000 to $681,005.

 Melbourne also saw another bumper weekend with 1,102 properties listed for auction.

The Victorian capital’s clearance rate was slightly up from 75.9 per cent to 76.1 per cent for a median selling price of $810,000 for houses and $550,000 for units.

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