Selling season underway as auctions spike

by Adam Smith22 Sep 2014
Spring selling season is in full swing with auction clearance rates spiking over the weekend.

More than 1,000 homes went under the hammer in Melbourne, according to News Ltd, and the city saw its clearance rate climb to 77.7%, up from 73.1% for the same weekend last year.

“It was the highest pre-grand final auction Saturday Melbourne has ever had,” Australian Property Monitors senior economist Andrew Wilson told News Ltd.

Sydney saw a clearance rate of 83.9%, which was the highest result since February. Brisbane saw the weakest auction weekend, with a 48.1% clearance rate, while Adelaide’s clearance rate was 69.1%. Canberra saw a 57.8% clearance rate, while Perth’s was 52%.