Strong Auction Results Continue

Posted on April 2nd, 2014 · Posted in News

Another week of auctions, another strong result, with capital city markets averaging above a 70% clearance rate for the sixth week in a row.  The weighted average was 71.2%, which puts the markets in a stronger position than they were last year, when they averaged 64.1%.

Sydney maintained its place as the highest clearing auction market, but its figure of 77.9% was down on previous weeks, which have been generally above 80%.  There were 963 auctions for the week in the harbour city, but numbers are expected to rise in the early weeks of April.

Melbourne picked up the pace for both listings and clearances this week, with a clearance rate of 71.7% from 1149 auctions. This was up from 67% last week.

Brisbane’s market has stalled, with just 37.3% of the 127 auctions cleared, while Adelaide (59.3%), Perth (57.1%), Tasmania (54.5%) and Canberra (53.3%) had reasonably solid weeks.

The five major capitals all recorded home value growth for the week; Sydney and Brisbane sharing top spoils with 0.5%. Melbourne was next with 0.4% and is maintaining the early pace as the best performer for 2014, with 3.9% growth for the month and 6.3% for the year so far.

Sydney continues to dominate the private treaty market, with 2294 house sales yielding a new record high median price of $729,750, which is worlds above the other major capitals.  Sydney units also hit new heights with a median of $580,000 from 1,354 sales.

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Original Story Source :: news.com.au