Buyer activity improved slightly
Buyer activity and seller confidence improved slightly over the weekend, yet auction clearance rates remained relatively flat.
Auction figures released by Australian Property Monitors (APM) found that more than half of all properties listed in both Sydney and Melbourne cleared, with 57 per cent and 55.9 per cent of properties selling on the weekend, respectively.
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When compared to the same time last year, clearance rates climbed in Sydney by 2.1 per cent, while Melbourne experienced a 1.8 per cent increase.
The most expensive property sold over the weekend was a three bedroom house in Randwick, in Sydney's eastern suburbs, which sold for more than $2.1 million.
A two bedroom unit located in Rooty Hill, in Sydney's outer west, was the weekend’s most affordable property, selling for $232,000.
Despite an underperforming spring season, Real Estate Institute of Victoria (REIV) chief executive Enzo Raimondo said the best is yet to come, predicting strong results through to the end of November.
“With a high number of auctions over the next two weekends vendors will be hoping the small improvement recorded today is the start of a cycle of strengthening demand,” Mr Raimondo said.
“There have been a total of 713 auctions this weekend of which 383 sold and 330 were passed in, 214 of those on a vendor's bid.”
“Next weekend the REIV expects around 815 auctions, and 1045 on the last weekend in the month.”
The optimistic outlook for Melbourne was mirrored the weekend earlier, with the Victoria-based Barry Plant group posting a clearance rate of 66 per cent for their listed properties selling under the hammer.
Barry Plant chief Mike McCarthy said the group's higher than average result on the weekend of November 5 and 6 was down to the agents staying positive and working very closely and openly with vendors.
"It is extremely important in these times of perceived uncertainty to be open and honest with vendors about what they can expect," he said last week.
"As a result of our positive attitude and belief in the current market, it's not surprising to see our higher than average clearance rates."
In Adelaide, 38.7 per cent of properties cleared over the weekend – down 1.3 per cent when compared to the same time last week.
Brisbane performed strongly over the weekend recording an auction clearance rate of 47.8 per cent – up 11 per cent when compared to the previous week and 25.8 per cent higher than the same time last year.
