Auction clearance rates at 14th week above 70%

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Oct 31, 2016

Auction clearance rates at 14th week above 70%

Australia's auction clearance has been above 70% for 14 weeks now, held aloft by exceptional result in Sydney and Melbourne.

Image: Georges Ellis & Co.

This six-bedroom house at 115 Homebush Rd, Strathfield, was the most expensive house sold on the weekend, going under the hammer for $5,650,000. The agent was Joseph Georges of Georges Ellis & Co - Strathfield, who helped design the property's layout himself.

Auction markets remain firm. The auction clearance rate around the country was 77.6% on the weekend, the 14th consecutive week above 70%, according to CoreLogic.

In the final weekend of October, 2,246 properties went to auction, down slightly from 2,680 the previous week. The clearance rate was also down slightly, from 78.1 per cent last week.

However, the result is a significant improvement on the corresponding week last year, where only 61.0 per cent of properties sold at 2,547 auctions, and is still a solid outcome.

Sydney and Melbourne continue to record exceptionally strong auction market conditions. In Sydney, the preliminary clearance rate was 84.4 per cent across almost 1,100 auctions. In Melbourne, the preliminary clearance rate was 78.6 per cent at 629 auctions.

The nation's top result over the weekend was the $5,650,000 sale of a six-bedroom house on a 1,100sqm block in Strathfield.

The agent Joseph Georges, of Georges Ellis & Co - Strathfield, said the property was "pretty appealing", noting its size, its attractive "aura", and layout, which Georges himself was instrumental in designing.

Georges said it was an understatement to say the vendor was happy.

The buyer worked in the area, said Georges.

"The inner west is a very, very resilient market," said Georges, adding that "low interest rates coupled with low supply" is driving the market.