Auctions continue strong run

By webmaster 25 October 2010 | 1 minute read

Buyer appetite kicked into overdrive at the weekend, with clearance rates up in Brisbane, Adelaide and Melbourne.

In Melbourne, more than 1,100 properties were listed for sale, of which 66.2 per cent were sold at auction.

“In light of the very high number of auctions this weekend the clearance rate that was achieved is a very healthy result and demonstrates that underlying demand is good,” the Real Estate Institute of Victoria's chief executive officer Enzo Raimondo said.

The story was much the same in both Adelaide and Brisbane.

In Brisbane, 30.4 per cent of properties cleared, up from 16.1 per cent last week, while in Adelaide 63.0 per cent of properties were sold under the hammer – up from 60.9 per cent.

Sydney failed to perform as well as Melbourne however it still managed to clear more than 55 per cent of the 501 properties listed for auction.

The most expensive property sold in Sydney over the weekend was a four bedroom house in Queens ParkQueens Park, NSW Queens Park, WA, which went under the hammer for $2.4 million. The cheapest property sold was a $148,000 four bedroom house in Oatley.

Auctions continue strong run
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