Auction clearance rates stay high

There were 506 residential property auctions held in Sydney on the weekend, with 66 per cent producing a sale on the day. Those results are slightly down on last week when 69 per cent of 524 auctions produced a sale in Sydney.

On the corresponding weekend last year, 68 per cent of 286 auctions produced a sale. Melbourne results were also just slightly down on last week’s bumper results. There were 836 auctions held in Melbourne on Saturday with 67 per cent producing a sale. Last week 75 per cent of 861 properties put up for auction were sold on the day in Melbourne.

On the same weekend last year, there were 432 auctions with a clearance rate of 71 per cent in Melbourne. 54 per cent of 54 properties sold at auction in Adelaide on the weekend, just slightly down on the week before. In Brisbane, 25 per cent of 64 properties put up for auction sold on the day.

Australian Property Monitors.