Strong auctions results for Sydney and Melbourne
There has been another strong week in terms of auctions with an 80% auction clearance rate for the nation, for the week 13 June to 20 June 2015. This has increased from 76% for the week before and both Sydney and Melbourne continue to lead the nation with the highest clearance rates for the week.
Sydney saw the highest auction clearance rate of 83% which was up by 1% on the previous week, whilst Melbourne also saw a 4% increase from 77% to 81%. Brisbane saw an increase by 1% to 47% whilst Adelaide saw a 10% increase from 52% to 62%.
The auction clearance week for Sydney has lowered since May’s record month where the city saw its highest ever auction weekend on May 9th, with an 89.2% clearance rate. However, June so far has had clearance rates in the 80% range.
For week ending Saturday 20th June, there were 686 listed auctions, of which 545 auctions occurred with 475 properties sold. The median price of these sold properties were $1,150,000 which was slightly up from the week before at $1,075,500. Compared to the previous week, the number of sold properties were slightly lower from 498 to 475 this week.
The number of properties being sold are gradually falling from May’s record month, where at least 500 properties would sell per week. This might be a sign that things are perhaps starting to slow down for Sydney.
However, there are still bargains to be found, if you know where to look and a unit in Cabramatta sold for $368,000, whilst at the other end of the scale a unit in Rozelle sold for $1,003,000.
In comparison, Melbourne had a strong week with 585 properties sold, out of 899 properties listed for auction which was an increase from 531 sold properties the week before. The median price had also increased from $730,000 to $820,000.
Published on 22nd of June 2015 by Marty Stanowich