Auction rates across Australia are remaining high this winter in a bumper season for sales.
Enzo Raimondo, Chief Executive of the Real Estate Institute of Victoria, said “The winter selling season is probably one of the strongest we’ve seen in the past five years.”
In Sydney the clearance rate from 213 auctions held steady at a massive 81%, and 69% of properties in Melbourne sold too.
The most expensive property sold was in Balwyn North, in Melbourne’s east, and it went for $2.8 million. Coming in at a close second was a property in Wahroonga, Sydney, which sold for $2.58 million.
The housing market is being fuelled by low interest rates and looks set to stay strong. However, the election led to some reluctance on the part of investors towards joining the market.
Raimondo added that the low interest rates were helping to fuel growth, however he expects that now the election is over the market will pick up.