Market Update

Stock remains low - gain access to the huge number of off-market properties where opportunities do exist

Both Sydney and Melbourne throw up high auction clearance rates

1420395_croquet_malletSydney and Melbourne both threw up very high success rates for the weekend auction clearance. While Sydney’s rate stood at 78.1%, Melbourne held itself in good stead with a figure of 71%. Jonathan Chancellor for the Property Observer writes that the Prestige Market has picked up considerable momentum when compared to the same time last year. Sydney’s auction clearance rate was rallying somewhere near the 60 % mark while Melbourne cut a sorry figure of 57% same time last year.

Some facts for this weekend:

  • Sydney’s highest grosser- The Tamarama Duplex for 3 million.
  • Melbourne’s highest grosser- The Henham Street property for 2.64 million
  • For Melbourne, a few sales like the ones on Grace Street, Albert Park and Malvern may have brought more money than the Henham Street sale; however, they remain unreported till now.
  • For Sydney, Maroubra listed 8 properties while Condell Park listed 7 of them.

You can read the whole article here.

Will the Melbourne Auction clearance rate close in on Sydney in recent future?