property auction clearance rates increase in australia
News Posted On: 27 September 2011
Property auction clearance rates in Australia have increased to the highest level for more than three months. The increases are small, but are being viewed positively because analysts were forecasting a drop.
In the first week of September, 51% of properties up for auction in Sydney were sold. In the second week this increased to 60%. In Melbourne 57% of auction properties were sold in the second week of September, up from 52% in the first week. But the greatest growth was in Adelaide, where 53% of auction properties sold in the second week of September, compared to 23% in the first week, while in Brisbane the growth was from 25% to 30%.
This still represents a decline compared to last year. During the second weekend in September in 2010 auction clearance rates were 69% in Sydney and 62% in Melbourne.
The most expensive property sold this month was a five bedroom home at McMaster's beach on the New South Wales Central Coast which sold for $2,325,000. The cheapest home was a three-bedroom house in Elizabeth East in Adelaide which sold for $150,000.
These are the kind of figures the market badly needs at a time when talk of bubbles and overheating markets weigh heavily on buyer sentiment. Regardless of the talk, the government has intimated that interest rates will be kept low until at least next year; and this is providing a counterbalance against falling confidence by allowing borrowers and those refinancing to continue locking in at lower rates, albeit not as low as they were.
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Article written by Liam Bailey
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