Australian auctions maintain strength

The rate of sales success in Australian residential property auctions has continued to exceed 70 per cent, it has been revealed.

Figures from Australian Property Monitors indicated that in the week to December 12th, 71 per cent of homes made available this way were traded.

This followed levels of between 71 per cent and 73 per cent being sold over the previous four weeks.

Such a steady rate may indicate that the market is solid and stable, something that could interest those who are looking to buy in the country.

Last week's total saw 505 out of 676 lots sold, with the median price being AUD590,000 (GBP331,000).

Figures from the recent Knight Frank Global House Price Survey showed Australia has had one of the best-performing markets in recent months, with prices rising 6.2 per cent in the year to the end of October.

It also revealed a jump in values of 4.2 per cent during the third quarter of 2009.