Real Estate Auctions Still Holding Strong
The real estate property market continues to deliver strong results, specifically for auctions. Melbourne recorded an auction clearance rate of above 80% for the 9th consecutive week.
Over the weekend, 247 properties were sold at a clearance rate of 85%. The total value of the properties reached $145.1 million. This shows that even luxury properties are at the receiving end of the upswing.
“We have seen a recovery in luxury property, and that’s probably started last month or in May. Most capital cities are recording sales in the millions and above the $1 million bracket in auction, specifically in Melbourne, Perth and Sydney. It’s showing significant improvements in that part of the market, says” David Airey, president of the Real Estate Institude of Australia.
“Auctions are a great test of the market, as there is competitive bidding, particularly above that $1 million mark,” he adds.
Sydney auctions reached a clearance rate of 69% with a total of $77 million from 105 properties sold. This is less than the recorded range in the past few weeks, which was in the 70s.
Brisbane auctions, on the other hand, have a 42% clearance rate with eight properties sold totaling $5.2 million. Meanwhile, Adelaide’s clearance rate is at 67% for four properties sold with a total of $1.6 million
