THE numbers of residential properties for auction are rising and buyers are responding to the increase level of stock.
On the weekend in Melbourne, there were 469 auctions reported to the REIV of which 383 sold resulting in a clearance rate of 82%. There were 86 properties passed in of which 43 were passed in on a vendors bid.
The total value of properties sold was $272.36 million.
The REIV said stock levels are progressively increasing as the traditional spring selling season approaches.
“This is being met with an increase in the buyers leaving the clearance rate in the 80’s,” the REIV said.
The private sales market remains strong with 823 sales totalling $346.97 million.
The REIV expects 682 auctions next weekend followed by 595 the weekend after.
Sydney’s market also picked up in pace. Australian Property Monitors’ Home Price Guide showed there 285 auctions and 147 sales resulting in a clearance rate of 73.1%.
Last Saturday, the total value of properties sold was $110.1 million.
In Adelaide there were 32 auctions and 14 sales totalling $6.9 million, whilst Brisbane had 46 auctions and 14 sales totalling $5.4 million.
Australian Property Journal
