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.

Auction numbers at a staggering rise from last year

The property sector has been on a roll for the past few months, with more homes made available in the market because of a steady demand for real estate. This weekend is no exception, with more homes sold under the hammer.

There will be 1,412 auctions in Melbourne over the weekend – an unprecedented increase from last year’s 626 auctions. Sydney will also have a similar number of auctions at 1,400, a rare opportunity to compare the two capital cities auction performance. Despite the high numbers, clearance rates are expected to hover above the 60% mark.

Read more about this on the Property Observer website.

Sydney and Melbourne posts impressive Auction Clearance Rates

2, 431 capital city properties were taken to auction last week, up from the previous week of 2,293 properties. There was also a steady increase in clearance rates, as the capital cities posted a 71.2% clearance from the previous week’s 70.8%. Property interest is not waning, and Melbourne and Sydney posted impressive results. Sydney finished the week with a 77.9% clearance rate with Melbourne close behind at 71.7%.

At the same time last year, Sydney finished at a clearance rate of 68.6%. Melbourne’s performance for last year was also lower at 67%. Despite low property volumes, capital cities are still experiencing high clearance rates, highlighting the strength of the property market.

Read more about this on the Property Observer website.

Melbourne posts highest clearance rate in 4 years

After hosting more than 1000 auctions for the first time this year, Melbourne finished the auction weekend with a much more impressive statistic, posting the highest clearance rate in 4 years at 79%. The clearance rate posted in the same time last year was at 69.5%.

Data shows a steady improvement in the housing market over the years, with vendors able to sell properties at a high clearance rate despite a rise in home values.

Read more about this on the Property Observer website.

Melbourne weekend auction anticipating impressive results

Melbourne will be hosting the first auction of the year with over 1000 auctions at 1,275 auctions over the weekend. Auction volumes are expected to increase, as key capital cities are showing rising house volumes for February.

The previous weekend auction result for Melbourne ended at a 69.2%clearance rate.

Read more about this on the Property Observer website.

Will you opt for Apartment Living?

According to a research from Colliers International, more Australians will opt for rental dwellings in 2014. As property values continue to rise, building approvals for all dwellings – including apartments have increased to 43% late this year, as compared to 25% in 2009.

Sydney and Melbourne are predicted to lead the pack, as increase demand for property is forecasted to continue next year. Continued increase in property values in capital cities have prompted Australians to go with this alternative, with a staggering 11.6% rise in property prices for Sydney alone.

Read more about this on the Smart Property Investment website.

Property Values increase

Property Values for August have increased by 7.1% according to the Australian Property Monitors (APM).

Melbourne and Sydney were the top performers, where in Sydney median house prices increased by 3.1%, an increase of 9.2% from last year. House prices are at $705,288. Melbourne finished strong with properties sold under the hammer, with an auction clearance rate of 71.4%.

Other capital cities are performing less significantly, with Adelaide’s median price values increasing by a meager 0.2%.

Interest rate cuts are expected from the Reserved Bank of Australia prompting home buyers to take advantage of property demand in key areas.

Read more about this on the Australian Property Investor website.