Melbourne And Sydney Score Strong Auction Clearance Rates Over The Weekend

Figures from the Real Estate Institute of Victoria show that over the last weekend both Sydney and Melbourne recorded impressive results in property auctions, strongly surpassing the rates exhibited during the previous week’s long weekend.

There were a total of 740 properties auctioned in Melbourne that produced a clearance rate of 70%, pointing to one of the strongest weekend auction results in years. By comparison, the clearance rate in the city was 65% this time last year and even lower (53%) in 2011.

In Sydney, the percentage of homes that were cleared at auction on the weekend reached 76.9% out of the 458 properties listed. Currently, auction rates in Australia’s largest city are trending higher than the record levels seen three years ago, the Smart Company website reports.

Demand was particularly huge for properties located in Sydney’s northern suburbs, including Balgowlah Heights and Milsons Points, which could be a sign of stable recovery in the premium market. So far, in 2013 the premium hadn’t been as strong as investment in the lower and middle markets. In Melbourne, the number of property auctions is larger than in the last two years. By the end of June, the property market will likely see about 3,175 auctions, the institute estimates.

The solid results from last Saturday and Sunday follow reports of a cheerless Queen’s Birthday weekend, when just 245 properties were auctioned in Sydney and only 143 in Melbourne, data from the Australian Property Monitors (APM) shows.