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Brendan Wong
The AFL grand final over the weekend did not deter buyers in Melbourne, despite a significantly lower number of properties on auction.
Australian Property Monitors (APM) reported 43 properties listed for auction, with a final clearance rate of 75.8 per cent.
RP Data reported slightly higher figures with 89 auctions and a preliminary clearance rate of 84.1 per cent.
Senior economist for APM Dr Andrew Wilson said: “Despite the low numbers of properties going under the hammer, this weekend’s results were remarkably similar to those recorded over the past month, as the market has clearly strengthened.
“The auction clearance rate of 76 per cent was close to the monthly average and will continue to provide sellers with confidence in the market.”
Compared with the numbers listed during last year’s grand final weekend, the figures were 26.5 per cent higher.
Dr Wilson said this was similar to the rising listing trend that emerged over the past month.
Sydney concluded its strongest September performance with APM recording a clearance rate of 81.5 per cent, which is the 11th weekend out of 12 where clearance rates have been above 80 per cent.
RP Data also recorded a similar figure of 81.4 per cent.
“Sydney’s record September auction results have been achieved despite a surge in listings over the month,” Dr Wilson said.
“Auction stock numbers have continued to increase over recent months as sellers have become more confident and enthusiastic about the strength of buyer activity in the local market.”
RP Data reported a total of 1,217 auctions and a preliminary auction clearance rate of 75.9 per cent across the combined capital cities. During the same weekend last year, there were 746 auctions and a clearance rate of 50.1 per cent.
According to APM, the most expensive and most affordable properties were both in Sydney with a value of $4.7 million and $128,000 respectively.
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