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AU Auction clearance rates climb

Property Here - Monday, August 12, 2013

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This house at 28 Middlemiss St, Mascot sold for $1.21 million, $260,000 above reserve.

This house at 28 Middlemiss St, Mascot sold for $1.21 million, $260,000 above reserve. Source: Supplied

ADELAIDE recorded a 78.3 per cent clearance rate, but this was from just 46 reported auction results.

Sydney recorded a 79.5 per cent clearance rate, up from 75.5 per cent the previous week. The rate reflected 302 cleared auctions from a total of 380 reported.

Melbourne also had a strong week with 71.3 per cent from 586 results.

Sydney's latest in a string of great clearance weeks failed to result in price growth however, with home values remaining steady at 7.1 per cent growth for the year to date. Brisbane was the biggest mover for the week with growth of 0.8 per cent propelling it into positive figures of 1.6 per cent for 2013.

The week saw a national improvement in general for auctions, with numbers and clearance rates up across the board. The national average clearance rate of 72 per cent was the highest since the first week in June this year.

A crowd of 150 saw a three-bedroom double brick period home in Mascot achieve a wonderful result at auction.

The house at 28 Middlemiss St sold for $1.21 million, after opening at $850,000 and rising steadily as 21 registered bidders got stuck in. The result was a stunning $260,000 above reserve.

The Grech family placed the winning bid and are moving from Maroubra to be closer to family. The vendors were thrilled with the result.

"The property generated a great deal of interest with over 170 groups inspecting during the campaign," said Peter Grant of LJ Hooker. 'The market is favourable for sellers and I am sure we'll continue to see south-east property sell for premium prices."

A block of 12 apartments sold under the hammer for $8.305 million at Bondi, during a midweek auction.

The apartments at 43-45 Penkivil St, were in original 1969 condition, located within walking distance to beach, transport and shops and all feature parking.

The reserve was undisclosed but co-agents Nicholas Breadman of LJ Hooker and Michael Dunn of Richardson &Wrench said the result exceeded expectation.

Sydney's western suburbs are continuing to emerge and the latest success story was a house at 21 Berith St, Auburn, which sold for $717,000 after a battle between seven bidders. It exceeded reserve by $27,000 and Greg Okladnikov of Starr Partners Auburn said similar results are occurring often.

"With a shortage of listings throughout Sydney's west we're urging those considering a sale to list as soon as they can," Mr Okladnikov said.

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