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Auction results still very soft

19/07/2010

There were 325 auctions of residential properties held in Sydney on Saturday, with 56 per cent producing a sale on the day. Those numbers continue the softening trend of recent weeks, last week 51 per cent of 343 auctions held in Sydney produced a sale, but are still better than this time last year when there were just 195 auctions held in Sydney with a clearance rate of 79 per cent.

There was not much change in Melbourne auction results with 567 auctions held with a clearance rate of 63 per cent on Saturday. Last week 62 per cent of 551 properties sold at auction in Melbourne. On the same weekend last year there were 352 auctions held with a clearance rate of 82 per cent. In Adelaide 50 per cent of 34 auctions produced a sale on Saturday while just 20 per cent of 57 properties put up for auction in Brisbane were cleared.

Source: Australian Property Monitors



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