Record breaking numbers for auctions in Melbourne

Melbourne posted favorable numbers as it hosted more than 1,500 properties over weekend’s auction. Despite the numbers the Real Estate Institute of Victoria released the preliminary auction clearance rate at 70% from 1,201 auctions. Sydney also posted impressive results as it auctioned off over 1,400 properties. Preliminary auction results show Sydney with a 78% clearance rate out of 1,016 results.

The demand for property has been so high for the first half of the year that there have already been 58% more auctions compared to last year. The REIV also shows that despite the high demand, property prices have tapered, as median house data shows only a 3.7% growth in prices since December 2013, from a 5.7% increase in the previous quarter.

Read more about this on the Sydney Morning Herald website.