Sydney weekend auction success rate hits 78% and Melbourne heats up too: APM & REIV
Sydney's weekend auction success rate hit 78.1%, according to the preliminary results from Australian Property Monitors.
And in Melbourne there were 627 auctions reported to the REIV today, with 447 selling and 180 being passed in, 112 of those on a vendor bid. The the Clarence of 71% compared to 69% last weekend and 57% this weekend last year.
There were 200 sales to APM amid the 256 reported results this weekend in Sydney.
The full Sydney tally will cover around 408 listings.
The 78% result is the highest Saturday night preliminary result this year.
Last weekend's revised result was 73% down slightly on the initial 74% result on the Saturday evening.
And on the prior weekend the 75.6% result was revised down to 73.6%.
The April 13 weekend was revised down from 73% to 69.6%.
Sydney’s weekend auction clearance rates have been remarkable for their consistency and strength so far this year, according to APM senior economist, Dr Andrew Wilson. There was a 60% success rate on the same weekend last year.
Dr Wilson said leading up to this weekend clearance rates have averaged 72% this year which is 15% higher than the 57% averaged over the same period a year ago and clearly the best start to a year since the strong market conditions of 2010.
Sydney's highest weekend sale was a five bedroom Tamarama duplex property sold through McGrath at $3 million to the downstairs owner. It had sold at $2.9 million in late 2010.
Maroubra in the eastern suburbs was the most active suburb in Sydney for auctions this weekend with 8 properties listed. Some four of the five reported Maroubra listings found buyers. The next busiest was Condell Park in Canterbury Bankstown with 7 auctions followed by Newtown and Merrylands each with 6 properties listed. All six of the reported Condell Park results were sold.
Melbourne's highest reported price this weekend was on Henham Street, Hawthorn East at $2,645,000.
But there were higher unreported prestige Melbourne sales that Property Observer is aware of including Grace Street, Malvern and on Richardson Street, Albert Park.
Reservoir had the highest volume of auctions this weekend with 16 expected to be held. The results showed seven sales and six passed in at Reservoir. There were also 15 listings in Elwood and 14 in Kew.
A full auction round up on Monday on Property Observer.
