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Auction activity increasing across Australian property market

More people in Australia are now buying homes through auction sites.
Property auctions are continuing to be a popular way for people in Australia to get their hands on property, according to the latest released reports, which state clearance rates continue to sit above average levels.

Findings published by PerthNow have shown that auction sales topped a 70 per cent clearance rate for the sixth week in a row, with Melbourne and Sydney in particular having been hot spots for those buying in this way.

The reasons for buying at auction are plentiful, with many able to get themselves a cheaper deal by purchasing a home that is sold in this way rather than in the open market.

In Sydney, there were 693 auctions in the last week, with a clearance rate for these having sat at 77.9 per cent, which represented just a small dip.

Melbourne saw even more auctions, with these topping some 1,149 over the week. However, the clearance rate was lower at just 71.7 per cent, despite rising from just 67 per cent the week before.

Only Brisbane has seen any sort of real slowing in auction clearances in the past few weeks, although it is thought that early April will see activity in this area start to pick up once again. 

Posted by Craig Francis

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