Auction market remains on trend

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Mar 6, 2017

Auction market remains on trend

Sydney and Melbourne recorded clearance rates above 80 per cent on the weekend, according to CoreLogic.

This six-bedroom home at 40 Tandarra Drive, Ringwood, Melbourne, sold for $1,700,000 at auction on the weekend.

The auction trend observed for many months now was retained on the weekend. Sydney and Melbourne recorded clearance rates above 80 per cent and the overall clearance rate for the combined capital cities came in at an impressive 77.8 per cent, according to the latest numbers from CoreLogic.

Last week was the strongest auction clearance rate recorded since June 2015, with a preliminary figure of 78.4 per cent, just higher than this week's figure.

Source: CoreLogic.

The number of auctions held over the weekend was down from the previous weekend's 'super Saturday' levels, with 2,714 auctions held, compared with a whopping 3,301 the previous week.

For the same week last year, the number of auctions was lower (2,304), as was the clearance rate (68.6 per cent).

Source: CoreLogic.

John Cunningham, president of the Real Estate Institute of New South Wales, told SCHWARTZWILLIAMS the "results over the weekend show that the market is still strong and growing."

Cunningham said increased volumes would help ease affordability pressures.

"At the half way mark to Easter, with five more auction weekends available, we would like to see more stock enter the marketplace," he said.

"If we do not see that stock there will be more pressure on first homebuyers," advised Cunningham.

Alex Ouwens, president of the Real Estate Institute of South Australia, told SCHWARTZWILLIAMS, "The Adelaide marketplace was quite strong again this weekend."

"Only 30 out of 130 auctions were passed in" on the weekend, said Ouwens.

Visit Luxury List to view a home at 40 Tandarra Drive, Ringwood, Victoria, that sold at auction for $1,700,000 on the weekend.

Visit Luxury List to view a home at 23 Patricia Road, Blackburn, Victoria, that sold at auction for $2,015,000 on the weekend.

Visit Luxury List to view a home at 4 Osborne Court, Hawthorn, Victoria, that sold at auction on the weekend.

Visit Luxury List to view a home at 1 Walsh Street, Deepene, Victoria, that sold at auction on the weekend.