Hot property auctions
Monday, October 29, 2007/
The Melbourne property market gathered even more steam over the weekend, with 81% of the 1300-plus properties up for auction reportedly finding a buyer.
The buying frenzy follows a Real Estate Institute of Victoria report last week suggesting that rents in Melbourne are likely to skyrocket due to very low vacancy levels.
The extraordinary exuberance of the Melbourne property market at the moment was highlighted by reports that one buyer, who paid more than $6 million for a property in leafy Toorak, planned to demolish the luxurious home and construct a tennis court.
In Sydney, auction clearance rates reportedly hit 64%, an improvement on the 54.5% this time last year, although the 379 properties up for grabs were a long way short of those available in Melbourne.
Things moved more slowly in the other capital cities. Twenty eight of the 74 properties up for auction in Brisbane sold, for a clearance rate of 37.8%, while in Adelaide 20 of 56 properties sold for a clearance rate of 35.7%.
Be honest about your situation: How vulnerability helps businesses thrive Sue Parker DARE Group founder
Own it: The 10 things you need to do to manage your personal brand Lisa Stephenson Who Am I Projects founder
Six invaluable lessons: What 20 years in aged care taught me about being an entrepreneur Natasha Chadwick NewDirection Care founder
An entrepreneurial superpower: Eight tips to help develop resilience Adala Bolto ZADI Training co-founder
Going through a lull? Five areas you should invest in when sales drop Tamara Alaveras and Sonia Majkic 3 Phase Marketing co-founders
Stop telling us how busy you are, it's boring and charmless Ian Whitworth Scene Change co-founder
Blandification™ and the state of modern branding Jeffrey Oley The Offices co-founder
Why you should find the right role for the right person — not the other way around Bruce Stronge Outfit founder