The Melbourne auction clearance rate bounced back from last week’s 36.4 per cent to hit 100 per cent on the weekend, Australian Property Monitor’s (APM) have revealed.
Of the 14 properties put up for auction, eight sold prior to auction while six were sold under the hammer for a total of $5.6 million.
A two bed house in Hawthorn met the highest price of $657,500; the lowest priced property was a three bedroom house in Epping for $292,500.
The clearance rate on the same weekend last year was 62.1 per cent.
The auction clearance rate also rebounded in Sydney, registering 62.6 per cent compared with last weekend’s 38.5 per cent.
In total 266 properties were put up for auction, with 83 passed in, 35 sold prior to auction and 146 sold under the hammer for a total value of $110.7 million.
The same weekend last year had an auction clearance rate of 50.1 per cent however the current auction clearance rate still lags the 52-week high of 71 per cent.
McGrath Estate Agents sold a five bedroom house in Kangaroo Point for $3,150,000 – the highest of the weekend. A three bedroom house in San Remo – on the Central Coast – had the lowest dollar value: $180,000.
In other states, Adelaide recorded a clearance rate of 60.9 per cent, down from the 100 per cent registered last weekend. In total $6.9 million in property was sold.
Brisbane registered a clearance rate of 36.6 per cent for a total value of $6.3 million.
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