Midyear state of affairs: A closer look at the country’s markets
With market conditions changing at varying degrees across the country, seven experts from Property Investment Profession...
Auction activity in Adelaide and Sydney picked up over the weekend, indicating a recovery synonymous with the warmer spring season, according to Australian Property Monitors.
In Adelaide, auctions cleared a rate of 61.9 per cent – significantly better than the weekend prior (52.9 per cent) and the same weekend last year (50 per cent).
Adelaide’s city suburb of Westbourne Park saw a five bedroom house go under the hammer for $967,000 – the most expensive sale of the weekend in the state.
Meanwhile, a three bedroom Frewville house sold for a $380,000, marking the cheapest sale for the state.
Sydney also showed a recovery in auction activity, clearing 68.9 per cent of properties, up from 63.3 per cent last weekend and moving closer to the 72.8 per cent where it sat this time last year.
A six bedroom house in Sydney’s inner west suburb of Mannering Park on the north coast, which went for $181,000.sold for $4.175 million, while the cheapest sale was a three bedroom house in
Auction clearance rates in Melbourne and Brisbane fell however, with Melbourne clearing only 60.8 per cent of properties compared to 69.7 per cent last weekend, while Brisbane cleared a mere 12.1 per cent of the 50 properties listed for auction.