Market Wrap – 11th & 12th of May 2013
Enzo Raimondo's Market Wrap
A clearance rate of 71 per cent was recorded this weekend compared to 69 per cent last weekend and 61 per cent this weekend last year. Year to date the value of the homes sold at auction has been just over $4B, significantly higher than the $2.9B this time last year. It is interesting to note that there have been three weekends when the combined value of auction sales was in excess of $500M. There were 688 auctions reported to the REIV this weekend, with 491 selling and 197 being passed in, 119 of those on a vendor bid. Next weekend the REIV expects around 670 auctions.