Adelaide had the nation's highest auction clearance rate at 86%.
The Adelaide Cup long weekend produced a bumper auction result in the city of churches, with a clearance rate of 86 per cent on Saturday, March 7. This was higher than anywhere else in the country, with Sydney's clearance rate at 83 per cent, Melbourne's at 75 per cent and Brisbane's at 33 per cent.
Rosemary Auricchio at LJ Hooker West Lakes says she's anticipating the current buyer demand in Adelaide will keep clearance rates at very healthy levels right up until Easter. “It’s been building up: for the last four to five months we’ve noticed multiple, active bidders at each auction, especially if there is value and opportunity for redevelopment or renovation," said Auricchio, a member of the prestigious LJ Hooker Multi Million Dollar Captains Club of top 7% of salespeople internationally. “In some auctions, properties on bigger blocks that would normally be considered redevelopment sites are attracting owner-occupiers who want to renovate.”
Despite the jump in the clearance rate, Adelaide saw fewer properties sold, with 50 listed and 14 reported auctions and 12 sales totaling $3,683,000.
In Sydney, there were 681 properties listed for auction, 525 auctions and 465 sales. Melbourne's Labour Day long weekend saw 285 listed auctions, 197 reported auctions and 149 sales, according to Domain.
In Brisbane, there were 20 sales from 52 auctions, down on the previous weekend.