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Australia: strong start to property auctions

Strong start to property auctions in AustraliaThe Australian property market saw a strong start to the year with over 75% of properties in Sydney and Melbourne being successfully sold at auction, reports the Australian Financial Review.

The property auction season in Australia begins each year with the start of the school year. Following on from last year’s rise in activity and prices, this year seems no different with Sydney clearing 76.5% of its properties and Melbourne 78%.

This time of year is particularly popular for buyers in holiday hot spots such as Mornington Peninsula (Victoria) and the Gold Coast. However, the boost in last year’s residential market has yet to be witnessed in the holiday market.

Sotheby’s International Realty said that buyers of holiday homes are far more cautious than those buying residential properties: “Buyers are far less emotional with a holiday home than if they were buying a home to occupy. They come to an auction with a figure in mind and are happy to miss out if the prices go over that limit.”

Published: 27 February 2014