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Australia sees record-breaking auction week

Property Markets / Transactions

Australia

Mar 26 2018

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Australia scheduled a record breaking 3967 auctions in one week, while clearance rates dropped from 67.5 per cent to 65.5 per cent. 

CoreLogic research showed there were signs both investors and buyers at the top end were returning, despite prices and activity in the mid-range stalling. 

In Sydney's Birchgrove, a five-bedroom, four-level home, built in 2002 sold under auction for $5,311,000, over the $5 million reserve price, while in Melbourne, a three-bedroom house at 66 Clendon Road in Toorak sold on Friday by private treaty for $7,850,000, above the $6.85 million to $7.5 million asking price.

The pre-Easter week’s scheduled auctions topped the previous record of 3908 held in the last week of November 2014.

The weakest clearance rates were at the Sydney regions of Ryde, the Central Coast and outer south west at 57.1 per cent. Melbourne's inner eastern suburbs had rates of 56.4 per cent, while the city's southeastern suburbs were at 61.3 per cent.

In Melbourne, the clearance rate was 67 per cent, based on the results of 1700 auctions reported, while in Sydney, the rate was 66.2 per cent.

Canberra had the highest preliminary auction clearance rate at 73.8 per cent, Adelaide’s was 67.3 per cent and Brisbane reported a 49.2 clearance rate. 

 

Photo by Jason Briscoe on Unsplash

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