Auction activity picks up

By webmaster 21 February 2011 | 1 minute read

Auction clearance rates climbed slightly higher in Sydney and Melbourne this weekend.

In Sydney, 63.3 per cent of properties cleared – up from the 61.5 per cent recorded this time last week.

The capital city also boasted the most expensive property sold at the weekend – a $2.78 million seven bedroom house in Strathfield.

The story was much the same in Melbourne, where 65.2 per cent of properties cleared – up from 61.3 per cent last weekend.

The Real Estate Institute of Victoria chief executive Enzo Raimondo said the results, while solid, were even better than they appeared given the fact that more than 700 properties were listed for sale at the weekend – significantly higher than the 375 listed last weekend.

“The next three weekends are big ones for the local auction market, with just over 2,500 homes on offer. This is around 600 more than this time last year,” Mr Raimondo said.



Auction activity picks up
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