Auction results disappoint vendors
Auction clearance rates continued to fall this week. In Sydney just 53 per cent of residential properties listed for auction were sold on Saturday, down from 55 per cent last week.
543 properties were put up for auction in Sydney this week, also down from last week’s 559. On this weekend last year, 72 per cent of 347 properties sold at auction in Sydney.
In Melbourne, 857 properties were listed for auction, up from 765 last week, but the clearance fell to 61 per cent from 68 per cent last week. On the same weekend last year, 80 per cent of 497 properties sold at auction in Melbourne.
In Adelaide, 45 per cent of 48 properties sold at auction this weekend. In Brisbane 25 per cent of 61 properties sold at auction this week.
Source: Australian Property Monitors