Another busy auction week for capital cities
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Nov 18, 2019
Another busy auction week for capital cities
Australian combined capital cities see the 2nd busiest week all year with 2,571 homes taken to auction.
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Luxury List29 Molesworth St, Kew in Victoria sold at auction by Judy Balloch and Scott Patterson of Kay&Burton
There were 2,571 homes taken to auction across the combined capital cities this week, up from 2,412 over the previous week making it the 2nd busiest auction week all year.
Preliminary results show a clearance rate of 74.1 per cent, compared to last week’s final clearance rate of 70.6 per cent.
One year ago, 2,745 auctions were held across the combined capitals, with only 42.0 per cent returning a successful result.
At a glance:
- This week 2,571 homes taken to auction across combined capital cities.
- Preliminary auction clearance rate is up 74.1 per cent up from 70.6 per cent last week.
- Last year at the same time the clearance rate was 42 per cent.
Melbourne
Melbourne saw 1,241 homes taken to auction this week returning a preliminary clearance rate of 77.0 per cent.
This week was also the 2nd busiest auction week for Melbourne this year.
Over the previous week, 1,032 homes were taken to auction, returning a final clearance rate of 71.7 per cent.
This time last year, a clearance rate of 41.3 per cent was recorded across 1,401 auctions.
29 Molesworth St, Kew sold at auction through agents Judy Balloch and Scott Patterson of Kay & Burton. Photo: Luxury List
Gil King, CEO of the Real Estate Institute of Victoria sad middle Melbourne’s south-eastern suburbs hosted the highest number of auctions in Victoria, with over 130 listings last week – Led by Mount Waverley (20 auctions reported) and Bentleigh East (16).
“Out of the suburbs which cleared all auction listings in Victoria, City of Darebin’s Northcote and Thornbury performed the best with 11 and 9 homes sold, respectively," said Mr King.
“Sold for $3,843,000 was 14 Neath Street, Surrey Hills, the suburb’s highest residential property sold this year.”
Sydney
There were 932 homes taken to auction across Sydney this week with preliminary results showing a clearance rate of 77.2 per cent.
The previous week saw a final clearance rate of 76.8 per cent across a similar number of auctions (948).
One year ago, 875 auctions were held across Sydney returning a final clearance rate of 42.8 per cent.
Chris Wilkins of Ray White Real Estate sold a Henley Marine Drive property at Drummoyne on the weekend.
"(Drummoyne is) one the area's most sought after locations and this was reflected in the inquiry and interest through the campaign," said Mr Wilkins.
"We have many buyers currently working with us for homes from $5-$15m and also have many clients in the midst of building their dream home that will have similar price tags when completed."
Other markets
Across the smaller auction markets, Adelaide saw an increase in auction volumes week-on-week while Brisbane, Canberra and Perth saw fewer homes taken to auction over the week.
Tasmania saw no change in auction numbers week-on-week with a total of 5 properties taken to auction.
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Weekly rise in auction volumes across Australian capital cities
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