Melbourne continues to lead the other major cities with strong auction results this weekend.
Auction figures released by Australian Property Monitors (APM) found that 64.2 per cent of the properties listed for auction in Melbourne cleared over the weekend. This equates to a 4.4 per cent increase from the same time last year.
“In light of the increased number of auctions this result provides an indication that demand is gradually improving this year,” Real Estate Institute of Victoria (REIV) CEO Enzo Raimondo said.
Auction figures released by the Real Estate Institute of Victoria (REIV) showed there was a total of 772 auctions on the weekend, of which 484 sold and 288 were passed in, 189 of those on a vendor's bid. This equated to an auction clearance rate of 63 per cent, just under the result recorded by APM.
According to Mr Raimondo volumes will remain high next weekend with 860 residential auctions scheduled.
APM reported the most expensive property sold over the weekend was a five bedroom house in Hunters Hill NSW, which went under the hammer for $2.7 million.
A three bedroom terrace located in Niagara Park near Gosford NSW, took the title of the weekend’s most affordable property, APM said, selling for $211,500.
Sydney and Adelaide both recorded decreases from last year, with clearance rates of 56.6 per cent and 34.3 per cent respectively. Brisbane however experienced a 6.6 per cent increase, giving the city a 30.8 per cent clearance rate.