Auction sales slump to 13-year low

Sydney's auction clearance rate for March fell to a 13-year low, according to Home Price Guide figures. Only 45.4 per cent of the properties auctioned were sold compared with 51 per cent in February. Australian Property Monitors said it was the lowest March clearance rate since 1991. APM's Louis Christopher said, however, that the clearance rate would have to fall below 40 per cent before it could be said to indicate a crash. Home Price Guide's lowest clearance rate of 33 per cent was recorded in June 1989.