The residential property market passed its first major test of the year over the weekend, with the auction number up sharply and clearance rates holding firm.
While clearance rates have been strong in the first three months of the year, auction numbers have been well down. But with auction numbers up sharply over the weekend, particularly in Melbourne, commentators are anxious to see the real state of the market.
Melbourne had 529 properties under the hammer and recorded a 79% clearance rate reported, up from last week’s 77%.
Sydney had 297 properties on offer, with a clearance rate of 68%. Sales totalled $155 million.
Adelaide recorded a 41% clearance rate with 22 properties on offer, while Brisbane’s clearance rate dropped from last week’s 44% to 25% with just 26 properties up for sale.
Enzo Raimondo, chief executive of the Real Estate Institute of Victoria, says the weekend’s results show the property market is holding up well.
“Today was the last major day for residential auctions prior to Easter, and the result has helped positively to answer a lot of questions about the health of the property market,” he said.
“Overall it can be said that the market has performed above expectations in the first quarter of the year.”
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Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
