Auction results solid despite quiet week

The residential property market recorded solid clearance results over the weekend, despite the number of auctions dipping due to the Anzac Day holiday.

But agents are bracing for a busy few weeks after Prime Minister Kevin Rudd announced last week that the increased first home owner grant may not be extended past its 30 June expiration date.

Agents expect first home buyers may bring forward purchases to try and beat the deadline.

In Melbourne, the country’s second-biggest property market recorded an 85% clearance rate from just 166 auctions.

Real Estate Institute of Victoria chief executive Enzo Raimondo said the result was “a reflection of the low number of homes on offer at auction and the impending end of the first home owners boost”.

“The last time there were more than 100 auctions and the clearance rate was above 80% on a Saturday was on the 22nd of December 2007, when it reached 85%.”

The city recorded 114 sales from 166 properties on the market, down from last week’s 437 properties available. This time last year there were 372 properties on the market.

Sydney, our biggest property market, recorded a clearance rate of 65% with 257 properties on the market. A total of 180 sold with sales reaching $109 million.

Brisbane recorded a clearance rate of just 44% with 40 properties on the market and 18 selling at a total of $6.3 million. Adelaide recorded a 67% clearance rate with 14 properties selling at a total of $6.8 million.

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