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AU Now you really can gamble on houses

Property Here - Wednesday, June 19, 2013

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AUSTRALIANS love to property watch so it was only a matter of time before bookmakers started to cash in on it.

Our interest in weekend real estate results looks set to deepen, with Sportsbet opening a market that will allow punters to gamble on auction clearance rates.

It should come as no surprise that auctions are becoming a subject for gambling - for generations, the Australian dream has been to own a home so this is just the next step for bookmakers to cash in on another popular human interest.

The online bookmaker has placed Sydney at $1.75 as the odds on favourite to have the highest auction clearance rate this weekend.

Along with Sydney, Melbourne ($2.20) reported impressive clearance rates last weekend, while Canberra ($7) is the only other city in the market with single digits.

After only clearing 14.3 per cent of properties at action last weekend, Tasmania is the underdog at $21.

Punters can also bet on whether Sydney and Melbourne will report an auction clearance of more than or less than 65 per cent at the weekend. Sydney is at $1.50 and Melbourne is sitting as $1.85 to clear 65 per cent or more homes.

A spokesperson for Sportbet said it is the agency's first foray into property auctions.

In 2008, Centrebet began taking wagers on changes to the official cash rate.

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