Long weekend hurts auction volumes
Victoria's long weekend has had a negative impact on the state's auction activity, with clearance rates falling in comparison to this time last week.
Auction figures released by Australian Property Monitors (APM) showed there was a total of 84 auctions on the weekend in Victoria, of which 47 were sold and three withdrawn. This equated to an auction clearance rate of 54 per cent.
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This compares to last weekend’s auction figures released by the Real Estate Institute of Victoria (REIV) which showed there was a total of 797 auctions, of which 497 sold and 300 were passed in, 186 of those on a vendor's bid. This equated to an auction clearance rate of 62 per cent.
“This weekend has a comparatively low number of auctions due to the long weekend. As a result the outcome will be less representative of the state of the market than the last two weeks have been,” a spokesperson from the REIV said.
According to the REIV, the next fortnight will see auction volumes increase with around 720 homes to go under the hammer on each weekend.
APM reported the most expensive property sold over the weekend was a four bedroom house in Hunters Hill in NSW, which went under the hammer for $2.9 million.
A four bedroom house located in Blue Haven, on the North Coast of NSW, took the title of the weekend’s most affordable property, according to APM, selling for $260,000.
The APM also found that more than half of the properties listed for auction in Sydney cleared over the weekend, at 56.3 per cent. This equates to a 2.7 per cent decrease from the same time last year.
The Adelaide clearance rate took a huge dive from 57.7 per cent this time last year to 31.8 per cent this weekend.
Brisbane posted a 32.1 per cent clearance rate, up from the 17.9 per cent posted on the same weekend last year.