Auction rates climb slightly

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Auction clearance rates improved this weekend in Brisbane and Melbourne, highlighting the property market’s resilience.

In Brisbane, auction clearance rates were up 14 per cent to 35.7 per cent.

A five bedroom house In Burbank sold for a significant $2.31 million, while a 2 bedroom unit in the West End was snapped up by a buyer for $530,000.

Meanwhile in Melbourne, clearance rates jumped 6.7 per cent to 73.2 per cent this weekend.

The most expensive property sold over the weekend was a three bedroom townhouse in Toorak which went under the hammer for a cool $2.38 million, while a block of land in Kinglake Central was the cheapest sale over the weekend, selling for $90,000.

The Real Estate Institute of Victoria chief executive Enzo Raimondo said the Melbourne figures reflect an ongoing healthy demand for residential homes at auction.

“Interest rates and a large number of homes on the market continues to keep the clearance rate below the pre-Anzac day norm of over 80 per cent,” Mr Raimondo said.

“Vendors will have plenty of opportunity and choice in the next two weekends with just over 1,860 auctions scheduled, an unprecedented number for this time of the year.”

In Sydney, the auction clearance rate fell slightly from 63.2 per cent to 60.7 per cent, while in Adelaide, clearance rates fell from 51.4 per cent to 45.5 per cent.

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