Auction results reveal cooling market
Auction results continue to indicate a slowly cooling property market in capital cities around Australia. In Sydney there were 433 residential properties put up for auction on Saturday with 58 per cent selling on the day. Those results were down from last week when 539 properties were listed for auction and 57 per cent sold on the day. On the same weekend last year, 65 per cent of 228 properties sold at auction.
In Melbourne, 55 per cent of the 576 properties put up for auction sold on Saturday, down from last week when 63 per cent of 855 properties sold at auction in Melbourne. On the same weekend last year, 81 per cent of 273 properties sold at auction in Melbourne. In Adelaide, 64 per cent of 42 auctions produced a sale on Saturday. In Brisbane, 20 per cent of 54 properties put up for auction sold on the day.
Source: Australian Property Monitors