Sydney is not losing steam in selling properties under the hammer as it hosts a record breaking auction of 995 properties, shattering the previous mark of 891 set a couple of weekends ago. This is a huge jump from properties auctioned the same time last year, up by 82%. Melbourne is also auctioning off 250 properties before the year ends, still within record levels.
Overall, 1,339 properties are set to be auctioned off, according to the Australian Property Monitors (APM), the third consecutive weekend of property offerings above 1,300.
Auctioneers are expecting mixed Clearance rate result as Melbourne posted a clearance rate of 67% for last weekend – still above last year’s results of 65.3%, but was the lowest in the past 5 months. Sydney barely reached the 80% clearance rate mark for the first time in the past 5 months in previous auctions.
Read more about this on the Real Estate Business website.