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Auctions thin on the ground

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Published on: Tuesday, October 06, 2015

The national clearance rate for the capital cities fell to 69.6% - its lowest level since February - on the October long weekend, as AFL and Rugby League grand finals drew potential buyers away from auctions. 

That compared to 69.7% last week and 66.9% this time last year. Only 841 properties were taken to auction compared to 2835 auctions the previous week.

Sydney

In Sydney, the clearance rate was 71.4%, according to RP Data, which was slightly down on the previous week’s rate of 71.7%. This time last year the clearance rate was 76.4%.

The strongest area in Sydney this week was the Inner West, where the clearance rate was 90.6% across 32 auctions. The City and Inner South  followed, with a clearance rate of 79.4%. 

APM reports that the most expensive house sold at auction during the week was a five-bedroom house in Turramurra that went for $4.22 million.

At the other end of the scale a two-bedroom villa in Gorokan went for $300,000.

Melbourne

In Melbourne, which also had a public holiday on Friday for the AFL grand final, there were only 90 auctions held, compared to last week’s 1201, and the clearance rate was 67.7%, compared to 72.7% the previous week. This time last year the clearance rate was 69.1%.

RP Data reports that the strongest area during the week was the North West region, with a clearance rate of 80%. 

According to APM, the most expensive house that sold at auction was a five-bedroom house in Mount Waverly that went for $1.96 million.

The most affordable property sold was a four-bedroom house in Werribee that went for $325,000.


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