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 activity heats up

Staff Reporter 3 minute read

Staff Reporter

After a sluggish start to the year, auction clearance rates have started to pick up, suggesting the housing market may be set for another good year.

According to data from Australian Property Monitors, almost 70 per cent of Sydney properties auctioned on Saturday successfully sold – the highest rate since early last year when price growth was very strong.

Sydney also boasted the most expensive property sold over the weekend, with a three bedroom house in Neutral Bay going under the hammer for $2.7 million.

Advertisement
Advertisement

In Melbourne, the auction clearance rate was a little more ordinary, with 62.2 per cent of properties clearing.

Real Estate Institute of Victoria chief executive officer Enzo Raimondo while auction activity was slightly down on the long term averages achieved by the capital city, activity is set to lift substantially in the coming weeks.

“We expect to see activity in the residential auction market lift – just as it did this time last year – with just over 700 auctions next weekend and 950 the weekend after that,” he said.

Auction activity heats up
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.

PROMOTED CONTENT


default

 

more from the adviser
Renee blethyn NextGen.Net appoints head of broker

NextGen.Net has appointed its inaugural national head of broker ...

BBS Summit 2021 ta Better Business Summit and Awards Sydney postponed

Due to the ongoing COVID-19 resurgence in Sydney, the NSW leg of ...

Andrew Moulds Darren Smith ta Lend adds FleetPartners to platform

Lend has integrated vehicle fleet leasing and fleet management pr...