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Staff Reporter
Just over 50 per cent of all properties put up for auction in Sydney and Melbourne cleared over the weekend, suggesting the spring selling season is yet to begin.
According to Australian Property Monitors, 56.6 per cent of properties cleared in Sydney over the weekend – down on the 69.2 per cent achieved this time last year.
The most expensive property to go under the hammer in the capital city at the weekend was a two bedroom house in Gladesville, which sold for $3.2 million.
The most affordable property sold at the weekend was a $229,000, four bedroom house in Rooty Hill.
The story was much the same in Melbourne, with 53.8 per cent of properties successfully selling under the hammer – down from 64.2 per cent this time last year.
But while the clearance rates are obviously down on 2010, the Real Estate Institute of Victoria chief executive Enzo Raimondo said positives could still be drawn from the results.
“Increased stock levels this weekend have resulted in conditions more favourable to buyers, a trend likely to continue into spring,” he said.
However, there was one good result recorded in Victoria on the weekend, with 74 of 76 Falls Creek-listed properties selling at an auction held at Crown Casino. The auction, which was conducted using the 'Helmsman' method, was undertaken by Mark Williams, chief executive of Ray White Commercial.
“The nature of the Helmsman Auction allows bids to be submitted for multiple properties simultaneously and also opens up the possibility for investors to purchase multiple adjoining apartments or the entire portfolio if desired,” Mr Williams told Real Estate Business earlier this month.
Auction clearance rates in Adelaide and Brisbane improved slightly over the weekend, with both capital cities up 10.3 per cent and 9.6 per cent compared to the same time last week.
