Australian property auction outcomes 'improving'

A growing proportion of Australian properties put up for auction are being successfully sold, new figures have revealed.

Data from the Australian Property Monitors showed that the rate of clearance in Sydney last weekend was 69 per cent, compared with the 48 per cent rate of 12 months ago, reports the Australian.

The paper noted that this amounted to AUD77 million (GBP 37 million) more business, with the biggest sale being that of a home for AUD2.75 million.

It also revealed that there had been large increases in clearances in Melbourne, Brisbane and Adelaide.

In the case of Brisbane, this saw the rate almost doubling from 23 per cent to 45 per cent.

Such trends may suggest that the property market in Australia is starting to pick up.

Last month a report by BIS Schrapnel predicted that cities such as Melbourne, Sydney and Adelaide could see prices rise by as much as 19 per cent over the next three years.

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