THE start of the football season and Grand Prix did not distract Melburnians away from the residential property auction market last Saturday.
On the other hand Sydney’s auction market recorded a jump on the weekend, according to Australian Property Monitors’ Home Price Guide.
Last Saturday Sydney auctioned 379 properties and sold 187, resulting in a clearance rate of 63.6%. This was an improvement over a week earlier with 234 auctions and 141 sales.
Sydney reported $135.6 million in sales up from $85.2 million. The most expensive property sold last weekend was three bedroom house in Palm Beach for $6 million and cheapest was a three bedroom house in Whalan for $216,500.
In Melbourne, there were just 390 auctions. REIV figures show there were 299 sold and 91 were passed in. REIV said the test of the market will be next weekend when 600 properties will be on offer.
The total value of properties sold was $185.19 million and a five bedroom house in Brighton which sold for $1.45 million was the most expensive item sold whilst a three bedroom house in Doveton was cheapest, fetching $229,500.
Melbourne’s residential property sales market continues to be dominated by private sales, which totalled 735 last weekend totalling $309.82 million.
In Adelaide, there were 29 auctions and nine sales totalling $2.3 million whilst Brisbane had 60 auctions and 12 sales totalling $8 million.
Australian Property Journal
