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Auctions bounce back

21/06/2010

Auction clearance rates held up this weekend, despite big increases in volumes, suggesting plenty of demand in the residential property market. There were 549 auctions of residential properties in Sydney on the weekend, up from 267 last week, with 61 per cent producing a sale on the day (62 per cent last week). On the same weekend last year, 66 per cent of 264 properties sold at auction in Sydney.

It was another huge auction weekend in Melbourne with 960 properties put up for auction and 63 per cent of those selling on the day, up from 62 per cent of 280 properties last week. On the same weekend last year in Melbourne, 80 per cent of 497 properties sold at auction. There were 43 auctions held in Adelaide on Saturday with 50 per cent producing a sale. In Brisbane there were 59 properties auctioned with 42 per cent selling in Saturday.

Source: Australian Property Monitors



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