Property market update: Perth, May 2022
Perth continued to outperform its bigger capital counterparts in May, as the city closed up the autumn season with a sol...
Auction activity in Victoria’s capital city saw a glimmer of improvement over the election weekend, despite numbers remaining low, Australian Property Monitors’ (APM) has found.
According to APM’s preliminary auction results, Melbourne achieved an auction clearance rate of 68.7 per cent of 334 properties listed last weekend, up from 63.6 per cent the week prior.
But Real Estate Institute of Victoria chief Enzo Raimondo said the weekend’s election played a part in keeping auction numbers down.
“There was a low number of auctions this weekend due to the federal election,” he said.
“This however has not had any negative impact on demand,” he said, adding that the Institute expects around 740 auctions across Victoria next weekend.
Sydney and Brisbane also recorded a slight improvement in auction activity, with Sydney recording an auction clearance rate of 62.6 per cent (up from 61.1 per cent the weekend prior) and Brisbane recording a clearance rate of 23.1 per cent (up from 19.6 per cent the weekend prior).
Meanwhile, Adelaide saw a drop in auction performance last weekend, with the clearance rate falling from 36.8 per cent to 30 per cent and only 27 properties listed for auction.
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.