Call us on 1300 794 893

Business News

A softer spring for auctions

| More

Published on: Monday, September 14, 2015

In the second week of spring, the auction market showed some signs of softening. The preliminary auction clearance rate across the combined capital cities fell to 72.1% from 73.2% last week, and 72.3% this time last year.

Weekly clearance rate, combined capital cities

The total number of residential auctions rose to 2,615 this week, from 2,297 last week. Volumes were also well above the 2,080 auctions held over the same week one year ago.

Capital city auction statistics (preliminary)

Sydney

Sydney’s preliminary clearance rate was 75.1%, down from 76.9% last week. According to CoreLogic RP Data, this result marks the tenth week in a row where auction clearance rates have been below 80%.

This week’s result was also below the recorded clearance rate of 78.4% over the corresponding week last year.

So far the highest clearance rate across the city – 84.4% – was in the Northern Beaches.

According to Australian Property Monitors (APM), the median price across the 500 properties sold on Saturday, September 12 was $1.13 million dollars.

One of the more expensive properties sold was this four-bedroom home in Elizabeth Bay which went for over $7 million dollars.



Source: Domain.com.au

Melbourne

Melbourne’s clearance rate was 73.7% this week compared to last week’s 75.1% and 73.4% one year ago.

Melbourne’s Inner Region and Inner South region – which held 248 and 210 auctions – had the highest clearance rates of 71.2% and 71.8% respectively.

APM recorded a median sale price of $806,888 across 639 properties sold at auction on Saturday, September 12.

This 3-bedroom property in Brunswick East went for $3.40million.



Source: Domain.com.au

At the other end of the spectrum, this three-bedroom property in Melbourne’s Watsonia North went for $550,000.



Source: Domain.com.au


New on Switzer

blog comments powered by Disqus

  THE SWITZER FEED
Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300