Melbourne enjoyed a strong auction clearance rate on the weekend, surpassing Sydney's result.
Auction figures released by Australian Property Monitors (APM) found that more than half of the properties listed for auction in Sydney cleared over the weekend, at 55.3 per cent. This equates to a 0.7 per cent decrease from the same time last year.
In Melbourne, auction figures released by the Real Estate Institute of Victoria (REIV) showed there was a total of 797 auctions on the weekend, of which 497 sold and 300 were passed in, 186 of those on a vendor's bid. This equated to an auction clearance rate of 62 per cent, just above the result recorded by APM at 58.7 per cent.
“This weekend's result indicates that the improved demand recorded last weekend has been sustained and that will help improve confidence over autumn and into winter,” REIV CEO Enzo Raimondo said.
According to Mr Raimondo the number of auctions will drop next weekend to around 200, due to the long weekend in Victoria.
APM reported the most expensive property sold over the weekend was a four bedroom house in Bondi Junction NSW, which went under the hammer for $2.4 million.
Whereas the REIV lists a home in the Victorian suburb of Fitzroy North as the most expensive property sold over the weekend, after selling under the hammer for $3,030,000.
A one bedroom unit located in Canley Heights in NSW, took the title of the weekend’s most affordable property, APM said, selling for $174,000.
APM's figures showed Adelaide booked a clearance rate of 37.8 per cent, down from 46.4 per cent booked at the same time last year, while Brisbane posted a 31.3 per cent clearance rate, up from the 19.4 per cent posted on the same weekend last year.