Auction clearance rates continue to point to recovery

Editorial director of Switzer
Print This Post A A A

In the few weeks since we began reporting on capital city clearance rates, the numbers have continued to improve and are markedly better than they were this time last year.

Sydney reported a clearance rate of 70.5% and 373 properties sold on the weekend. That was up even on the previous week when the clearance rate was 68.7% and there were 296 properties sold.

The median price of a house sold at auction in Sydney on the weekend was $943,250 compared to $862,000 the previous week. The most expensive house was a three-bedroom house sold in Arncliffe for $4.55 million.

Auction Results: This Saturday, 23 March 2013

The strong clearance rates were across the board in Sydney. The highest rate was recorded for the Upper North Shore at 83%. That was closely followed by the Inner West and Canterbury Bankstown regions, which both recorded clearance rates of 76%.

In Victoria, the Real Estate Institute of Victoria reported there was a record number of 1,106 auctions for Super Saturday at which 753 properties sold, and of the 353 passed in, 223 of those were on a vendor bid.

The median price of a house sold at auction in Melbourne was $660,550 and was slightly up on the $646,000 the previous week. The most expensive house in Melbourne was a four-bedroom house sold in Sandringham for $2.575 million.

Auction Results: Updated Saturday, 16 March 2013

Next to boom

Auction clearance rates have been giving us a good idea of the uptick for sometime now, but if you’re an investor looking for opportunities, our Thursday newsletter will include the top 20 forecast East Coast capital city areas (Sydney, Melbourne and Brisbane combined) to grow over the next five years.

For the next five weeks we will be running a series of articles for the SMSF trustee that target property tips and tricks plus this very extensive data supplied exclusively to us by Residex, so don’t miss it.

Auction Results: Updated Saturday, 24 March 2012

Important:This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.

Also in the Switzer Super Report

Also from this edition