Impressive auction results in Sydney and Melbourne

By Staff Reporter 24 March 2014 | 1 minute read

Auctions in Sydney experienced another bumper weekend, while Melbourne also saw strong clearance rates.

According to preliminary data from Australian Property Monitors, 81.5 per cent of auctions in Sydney last weekend ended in a sale.

By comparison, on the same weekend in 2013, only 66.5 per cent of auctioned properties were sold.

Home sold under the hammer for a median value of $1,025,550 while units went for a median of $729,000.

Nonetheless, the number of auctions in the city was slightly lower this weekend than previous weeks, with only 352 houses offered for sale.

Melbourne, on the other hand, saw 554 auctions take place across the city, of which 73.1 per cent resulted in a sale.

Melbourne’s median auction prices were significantly lower than Sydney’s, at $760,000 for houses and $528,000 for units.

Auctions appeared to be a less popular option in Brisbane and Adelaide, with only 29 reported auctions in Adelaide and 11 in Brisbane this weekend.

These results are a marked drop from last year, where Adelaide had 67 auctions take place and Brisbane had 89.

RELATED TERMS

Auction

An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.



Impressive auction results in Sydney and Melbourne
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