Auction clearance rates were hovering just under the 70% mark in both Sydney and Melbourne on the weekend. That strong activity came despite the large number of properties being put up for sale – 455 listed in Sydney and 436 in Melbourne.
After a slow weekend over Easter, activity is picking up to levels comparable to Super Saturday, the weekend before Easter that is traditionally one of the biggest on the annual auction calendar.
Clearance rates and listings were also much higher than the same time last year, when Sydney had just 254 properties listed in the first weekend after Easter and Melbourne 381.
The most popular Melbourne cities for auctions on the weekend were the mid-priced Reservoir, Essendon and Frankston. In Sydney, the inner west had the most auctions listed at almost 100.
Value sold was also high. In Sydney, there was a total value sold of $182.1 million and $55.2 million sold in Melbourne.
The most expensive house sold in Sydney was a three-bedroom house in Double Bay, which went for $2.96 million and in Melbourne, a three-bedroom house went for $1.31 million.
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
- Peter Switzer: It’s still all go for equity markets
- Paul Rickard: Still a super slug – if ever legislated
- Margaret Lomas:Â Finding good tenants means finding a good property manager
- Barries Dunstan:Â Residential alternatives
- Rudi Filapek-Vandyck: Weekly broker wrap – BLY, DOW and ILU all upgraded
