The beginning of June was the most successful week in terms of the auction of Australian property so far this year.
This is according to auction clearance rates recorded by Property Information Monitor.
RP Data reveals that over the past three weeks, more than $106.7 million (£69.8 million) of commercial property was exchanged at auction.
Property Information Monitor's figures show that approximately 76.67 per cent of properties put up for sale in the week ending June 3rd were sold.
This follows a considerably lower clearance rate of 41.98 per cent recorded in the week ending May 27th.
The lowest that clearance rates have been so far this year was in February, when they fell to between ten per cent and 20 per cent.
Last week, Your Investment Property Magazine claimed that auctions are not ideal for all properties, but that high-quality, inner-city houses and apartments do well when they are sold in this way.
Posted by Steve Douglas
This is according to auction clearance rates recorded by Property Information Monitor.
RP Data reveals that over the past three weeks, more than $106.7 million (£69.8 million) of commercial property was exchanged at auction.
Property Information Monitor's figures show that approximately 76.67 per cent of properties put up for sale in the week ending June 3rd were sold.
This follows a considerably lower clearance rate of 41.98 per cent recorded in the week ending May 27th.
The lowest that clearance rates have been so far this year was in February, when they fell to between ten per cent and 20 per cent.
Last week, Your Investment Property Magazine claimed that auctions are not ideal for all properties, but that high-quality, inner-city houses and apartments do well when they are sold in this way.
Posted by Steve Douglas
