Sydney has outperformed the other major cities in this weekend’s auctions.
Auction figures released by Australian Property Monitors (APM) found, 71.6 per cent of the properties listed for auction in Sydney cleared over the weekend. This equates to a 22.6 per cent increase from the same time last year.
Whilst Melbourne and Brisbane both recorded increases from last year, with clearance rates of 65.5 per cent and 25 per cent respectively, Adelaide experienced a decrease with just 11 of the 20 properties up for auction selling, giving the city a 45.8 per cent clearance rate.
The most expensive property sold over the weekend was a three bedroom house in Burwood NSW, which went under the hammer for $1.17 million.
A three bedroom townhouse located in Campbelltown, NSW took the title of the weekend’s most affordable property, selling for $186,500.
In Victoria, auction figures released by the Real Estate Institiute of Victoria (REIV) showed there was a total of 112 auctions on the weekend, of which 65 sold and 47 were passed in, 28 of those on a vendor's bid. This equated to an auction clearance rate of 58 per cent, just under the result recorded by APM.
“As volumes remain low these results are unlikely to be an accurate indication of the current state of the market. On this weekend last year there were 189 auctions and a clearance rate of 56 per cent,”REIV chief executive Enzo Raimondo said.
“Next weekend around 305 auctions are expected followed by 620 on the weekend of 18 and 19 February.”
Whilst Brisbane recorded a slight increase in clearance rates from last year the underperforming auction results continue with just 25 per cent of homes clearing. However, APM's figures were at odds with the general outlook of independent auctioneering firm JA Auctioneers, which expects strong auction results for 2012 in South East Queensland.
Director Jason Andrew said vendors' strong motivation to sell due to financial and personal pressures was a major pushing point.
“There’s no doubt at this point vendors need to remain realistic with their price expectations to entice buyers to act.”