Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

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

Auction clearance results march on

Staff Reporter 4 minute read

Auction clearance results in Sydney and Melbourne have showed no signs of slowing despite the looming threat of a December rate rise.

Melbourne hit an auction clearance rate of 74.2 per cent over the weekend.

The strong result reflects the booming Melbourne market. The Victorian capital city listed 1060 properties last week, the highest number offered all year.

Sydney mirrored Melbourne’s strong results, achieving a clearance rate of 66.9 per cent.

Advertisement
Advertisement

A four bedroom house in Haberfield was the most expensive property sold over the weekend for $ 3.52 million; a two bedroom townhouse in Minto was the cheapest at $190,000.

According to Australian Property Monitors, Adelaide achieved a clearance rate of 62.5 per cent, up from 51.6 per cent a week earlier, while Brisbane recorded a clearance rate of 54.8 per cent.

Economists expect the strong results to continue well into to 2010 when the effect of rising interest rates and a wind back in first home buyer stimulus will dampen demand in price sensitive segments of the market place.

“Home values were virtually flat over the month of September, increasing by just 0.1 per cent nationally,” RP Data’s head of Property Research Tim Lawless told Mortgage Business.

“The October figures to be released today will be the first to show what affect the reduction of boost to the First Home Buyers Grant has had on market conditions.

PROMOTED CONTENT


Additionally, it will be interesting to see if the first interest rate rise has dampened value growth during October.

“Investors and upgraders, who are much less price sensitive to rising interest rates and housing affordability, are likely to continue to gather pace in the market into 2010.”

Auction clearance results march on
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

default

 

more from the adviser
handshake news MyState names banking general manager

A former broker head has returned to MyState Bank, to tackle turn...

BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...