Over 50 per cent clear: Sydney

By webmaster 28 November 2011 | 1 minute read

Just over 50 per cent of properties cleared in Sydney over the weekend, according to Australian Property Monitors (APM).

APM found that 54.9 per cent of properties cleared, making it one of the bestselling weekends this spring.

The most expensive property to go under the hammer in the capital city this weekend was a five bedroom, $5.5 million house in Cremorne Point, on Sydney's lower north shore, while the most affordable property to sell at auction was a two bedroom, $232,000 unit in Liverpool, in the city's southwest.

These figures differ slightly to those from the Real Estate Institute of NSW (REINSW), which recorded a clearance rate of 56 per cent from around 1,100 scheduled auctions.

“The last weekend in November typically marks one of the busiest auction weeks of the year, and this was no exception with just over 1,100 auctions scheduled,” REINSW chief executive Tim McKibbin said.

“A total of 798 results were reported, with 450 selling and 348 passing in for a clearance rate of 56 per cent.”

In Melbourne, 50.0 per cent of properties cleared over the weekend – the exact same result as last weekend, according to figures released by APM.

Real Estate Institute of Victoria (REIV) chief executive Enzo Raimondo said the Melbourne market was very evenly balanced at the moment, providing good opportunities for buyers and sellers.

"Results from the last months auctions show how evenly balanced the market is with half the auctions resulting in a sale. This provides buyers with considerable opportunities to make offers on homes that are not being sold at their auction," he said.

Data released by the REIV found there were a total of 899 reported auctions over the weekend, 477 properties sold and 422 were passed in, 264 of those on a vendors bid.

Next weekend the REIV expects around 800 auctions and 925 the weekend after.

Adelaide recorded an auction clearance rate of 16.7 per cent – down 18.8 per cent on the previous week and 26.7 per cent on the same weekend last year.

Similar results were recorded in Brisbane, with less than 10 properties selling under the hammer and no auction clearance rate recorded.

Over 50 per cent clear: Sydney
spi logo

Get the latest news & updates

Join a community of over 100,000 property investors.

Check this box to receive podcast updates

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.