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Auction results continue to slide

The number of properties listed for auction and the auction clearance rate continues to slide. There were 351 residential properties put up for auction in Sydney on Saturday with 50 per cent selling on the day. Those results were down on last week, when 57 per cent of 418 properties put up for auction in Sydney sold on the day. On the same weekend last year, 71 per cent of 217 auctions held in Sydney resulted in sale.

In Melbourne there were 556 properties put up for auction on Saturday, with 56 per cent selling on the day, slightly own on last week when 61 per cent of 567 auctions held in Melbourne resulted in a sale. On the same weekend last year, 78 per cent of 271 properties put up for auction sold on the day. In Adelaide, 47 per cent of 41 properties produced a sale. In Brisbane, 47 per cent of 42 properties put up for auction on Saturday sold on the day.

Source: Australian Property Monitors

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