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The spring buying season got off to a reasonable start, with almost 60 per cent of properties clearing in both Sydney and Melbourne.
In Sydney, the most expensive property sold over the weekend was a $2.5 million five-bedroom house in Darlinghurst; the least expensive was a two bedroom villa in Gosford, which went under the hammer for $205,000.
Sydney real estate Belle Propertysold all its properties through pre-auction bids, suggesting there is still plenty of potential home buyers in the market.
Belle agent Julie Hatch said while listings were slightly down on last year, she expected confidence to return with a federal election result.
“The attendance to open houses has dropped off a little, but the people coming through are serious buyers,” she said.
In Adelaide and Brisbane, auction clearance results were markedly up – suggesting the warmer weather had a positive effect on property buyers.
Adelaide cleared 73.9 per cent of properties – up from the 58.3 per cent recorded last week; while Brisbane cleared 33.3 per cent of properties – up from the 12.5 per cent achieved last weekend.
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.