29 August 2011
The REIV reported a clearance rate of 55% this week, with 289 properties selling out of a total of 525 auctions over the weekend. There were 236 properties that passed in and nearly 70% of those were passed in on a vendor bid. The clearance rate at the same time last year was 70%.
With market conditions clearly favouring buyers, much of the same is expected through September. A similar amount of properties will be auctioned on the first weekend of Spring with a total of 530 scheduled auctions.
The NPB clearance rate for the week was 66%, with 26 of the 38 properties we reviewed finding new owners. The NPB clearance rate last week was 69%. The lower end of the market (under $600k) again outperformed both the middle range and higher end of the market on the weekend with a clearance rate of 75%, down slightly on last week. A total of 9 properties sold from the 12 we reviewed in this category.
The high end ($1m+) was the surprise performer and came in second this week with a clearance rate of 69%, considerably higher than previous weeks. A total of 9 of the 13 properties we reviewed were sold in this category. A little bit of a surprise was the middle range category ($600k-1m) coming in last with a clearance rate of 61%, with 8 of the 13 properties we reviewed selling.
Auctions in the Spotlight
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