Finance advice

Auction clearance rates steady

By webmaster

Auction clearance rates continue to hover around 50 per cent in Melbourne and Sydney, suggesting the market is neither booming nor flagging.

According to the latest data from Australian Property Monitors (APM), 58.1 per cent of properties cleared in Sydney over the weekend – marginally higher than the 55.0 per cent achieved this time last week.

The most expensive property sold in the capital city this weekend was a four bedroom house in Avalon, which went under the hammer for $2.8 million.

The most affordable property sold in Sydney was a two bedroom house in Gosford, which was bought for just $155,000.

In Melbourne, the story was much the same.

Just over 55 per cent of properties cleared at auction over the weekend, slightly up on the week before.

According to the Real Estate Institute of Victoria chief executive Enzo Raimondo, all of the states continued to be affected by economic uncertainty.

“The market clearly continues to be effected by the economic situation and low levels of consumer confidence,” he said.

“Next weekend 820 auctions are expected followed by 1,070 in a fortnight.”

Adelaide booked a 42.4 per cent clearance rate last weekend, based on 28 reported auctions, while Brisbane posted a 38.1 per cent clearance rate from 20 reported auctions.

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podcast

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

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The different reasons to start rentvesting

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Why buying new property doesn’t mean buying better property

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