Melbourne auction boom gets bigger

Sydney auction results continued to cool on the weekend, as Christmas approaches. There were 687 properties put up for auction in Sydney on Saturday, down from 762 last week, with 50 per cent selling on the day, down from 56 per cent last week. On the same weekend last year, 67 per cent of 450 properties sold at auction in Sydney.

It was a huge weekend for property auctions in Melbourne. 1200 properties were listed for auction, up from 1093 last week, with 58 per cent selling on the day, slightly down from last week’s clearance rate of 63 per cent. On the same weekend last year, 881 properties were listed for auction in Melbourne with 76 per cent selling.

Adelaide auction results were slightly down on last week. 89 properties were listed with 40 per cent selling. In Brisbane, just 28 per cent of 91 properties sold at auction.

Source: Australian Property Monitors