Australian Real Estate Blog
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This years auction market ended with a significantly better result than we have seen for many months with 71 per cent of homes auctioned today selling. Compared to the last few weeks there were fewer auctions with 254 held today. 73 properties were passed in, 46 of those passed in on a vendors bid.
Agents and vendors will hope that today’s result is a sign of a stronger year in 2009.
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This weekend was the last major weekend for auctions before the end of the year and the results provided a glimmer of hope for a stronger market in 2009 with 57 per cent of homes offered for auction selling this weekend, a better result than has been recorded for the last few weeks.
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This weeks one per cent rate cut has not had any obvious impact on the market today with the clearance rate remaining in the mid to low 50’s. Attention will soon shift to 2009 when it is hoped that the successive significant interest rate cuts and increased first home buyers grants encourage more buyers into the middle and affordable segments of the residential market.
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A two-bedroom, 1960s era apartment at 1/28 Moonya Road in Carnegie attracted four bidders and sold under the hammer for $355,000, $35,000 more than its reserve. Nearby, Biggin & Scott also negotiated the sale of 4/2A Frogmore Road for $315,000 after the two-bedroom apartment passed in for $305,000 on a reserve of $310,000.
“Despite the significant increase in the number of homes on offer at auction today the clearance rate, at 51 percent did not differ greatly from last week.
There were 807 auctions of which 414 sold and 393 were passed in, 278 of those on a vendors bid.
Auction numbers remain high for the next two weeks before the market takes a break for Christmas and new year’s break.”
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“The impact of the problems in the wider economy was apparent for the third week in a row as the clearance rate remained in the mid 50’s after spending the first third of the year in the mid 60’s. There were 626 auctions held today of which 336 sold and 290 were passed in, 200 passed in on a vendors bid. Next weekend is shaping as one of the biggest weekends in the year with nearly 1000 auctions scheduled.”
Sentiment in the property market shows no sign of change at the moment with a clearance rate of 54% being recorded from today’s 704 auctions, a rate of sale in keeping with last weekend. In total there were 704 auctions today, of which 381 sold and 323 were passed in, 231 of those on a vendors bid.
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Saturday 8th November 2008
The auction market today showed clear signs of an ongoing impact from the cooler conditions in the overall economy with a clearance rate of 54 per cent being recorded. There were 541 auctions held today of which 292 were sold and 249 passed in, 192 of which were passed in on a vendors bid.
With fewer auctions than usual today due to the spring carnival the clearance rate increased to 64%. There were 169 auctions today with 109 being sold and 60 passed in. There are around 640 auctions next weekend which will provide a more accurate barometer of the state of the market.
Saturday 25 October 2008
Faced with the most difficult external economic climate we have witnessed for many years and a large increase in stock, demand at auctions today dropped resulting in a clearnce rate of 53 per cent.
There were 843 auctions held today with 449 being sold and 394 passed in, 289 of which were passed in on a vendors bid.
Next weekend there are only 151 auctions due to the racing.
