Auctions favour buyers

By webmaster 29 August 2011 | 1 minute read

Just over 50 per cent of all properties put up for auction in Sydney and Melbourne cleared over the weekend, suggesting the spring selling season is yet to begin.

According to Australian Property Monitors, 56.6 per cent of properties cleared in Sydney over the weekend – down on the 69.2 per cent achieved this time last year.

The most expensive property to go under the hammer in the capital city at the weekend was a two bedroom house in Gladesville, which sold for a cool $3.2 million.

The most affordable property sold at the weekend was a $229,000, four bedroom house in Rooty Hill.

The story was much the same in Melbourne, with 53.8 per cent of properties successfully selling under the hammer – down from 64.2 per cent this time last year.

But while the clearance rates are obviously down on 2010, the Real Estate Institute of Victoria chief executive Enzo Raimondo said positives could still be drawn from the results.

“Increased stock levels this weekend have resulted in conditions more favorable to buyers, a trend likely to continue into spring,” he said.

Auctions favour buyers
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