Auction gavels point to Sydney, Melbourne property hotspots
Auction activity in Sydney and Melbourne is shedding light on the hotspot areas gathering property market momentum.
The rule of thumb is that an auction clearance level of around 65 per cent represents a market where the power between buyers and sellers is roughly even. (Image source: AustralianCamera/Shutterstock.com)
It’s an intriguing spectacle for visitors to Australia; watching a property auctioned on the street in front of a crowd of bidders and onlookers.
Agents in Sydney and Melbourne love auctions for ‘in demand’ properties. They bring potential buyers to a decision point with force and can deliver outstanding results for their vendors.
But what do auctions actually tell us about the state of the market in Sydney and Melbourne?
