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AU Sydney and Melbourne vendors cash in on auctions

Property Here - Monday, October 28, 2013

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BUMPER crowds and energetic bidding rounded off one of the biggest auction weekends in Australia's largest housing markets.

A record number of more than 3000 residential properties were auctioned across the country, with early figures from RP Data showing a 72.5 per cent capital city clearance rate, up from 70.4 per cent over the previous week.

The biggest Super Saturday in Melbourne's history gave buyers a choice of 1614 properties, with a clearance rate of 72.3 per cent.

Similarly, buyers were at the ready across Sydney when 921 homes faced the auction block on the weekend. An 81 per cent clearance rate shows the depth of demand by the city's dominant buying force - investors.

It was a similar result last weekend with Sydney's clearance rate at 81.1 per cent and Melbourne 69.9 per cent.

Shaping a new trend in buying, parents are increasingly shoehorning their first-home buyer children into the market.

In Sydney's inner-city Surry Hills, first-home buyer Claudia Crause, 23, a student at the University of NSW, bought a two-bedroom terrace at 45 Rainford Street, Surry Hills, for $1,094,000, $119,000 over the $975,000 reserve, the SMH reports.

It is one of several recent auctions this year where parents are spending $1 million-plus to secure their children inner-city houses in Sydney.

Of the non-traditional auction cities, Brisbane had 47.2 per cent clearance rate (214 auctions), Adelaide 68.3 per cent (103), Perth 45 per cent (37), Tasmania 50 per cent (7), Canberra 56.3 per cent (32).