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Auctions yet to disappoint

By Lachelle Ferguson

The auction market is yet to disappoint, with another weekend of strong performances across the country.

According to data from Australian Property Monitors the four major auction capitals reported significant growth from this time last year.

Sydney continued its stellar start to 2014 with an auction clearance rate of 81.0 per cent.

“Another scorching result this weekend from Sydney’s hotter than hot late summer auction market,” APM senior economist Andrew Wilson said.

“The 81 per cent clearance rate makes it three weekends in row with results over 80 percent which is unprecedented for February. And again Saturday’s strong result was achieved from extraordinarily high listing numbers.

“This weekend’s result was again well ahead of the 71.6 percent recorded over the same weekend last year.”

According to Mr Wilson 470 homes were scheduled to go under the hammer on Saturday which is over 200 more than the 259 listed over the same weekend a year ago. Melbourne experienced a clearance rate of 74.2 per cent

“This weekend’s results was again well ahead of the 64.4 percent recorded over the same weekend last year. And higher listing numbers are proving no barrier to solid clearance rate results. This weekend metro Melbourne hosted 623 auctions, an increase of 33.1 percent over the 482 homes listed for auction over the same weekend a year ago,” Dr Wilson explained.

“Considerable tests however remain for the Melbourne market with next weekend set to host over 1100 auctions.”

While Adelaide is reported to have experienced a 62.5 per cent clearance rate, and Brisbane sitting at 50 per cent.

Similarly RP Data report a Sydney clearance rate of 80.4 per cent and a Melbourne rate of 70.9 per cent, Adelaide sits at 72.9 per cent, whole Brisbane achieved an auction clearance rate of 47.3 per cent. RP Data also reported an increase of 520 auctions this year compared to last year.

The Most expensive property sold on the weekend was a six bedroom McMahons Point house selling for $3.725million. The most affordable property was a one bedroom unit in Gladesville, Sydney. The unit sold for just $310,000.

Source: Residential Property Manager

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