Auctions going out of fashion in Sydney

The auction clearance rate in Sydney improved this week with 73 per cent of properties put up for auction on Saturday selling on the day. However volumes were down with just 206 residential property auctions held in the city, down from 258 last week and 254 on the same weekend last year.

Melbourne results continue to shine with 77 per cent of 416 properties put up for auction on Saturday selling on the day. That was broadly comparable with last week’s results when 80 per cent of 429 properties sold and an improvement on the numbers for the same weekend last year when 56 per cent of 477 properties sold under the hammer.

There were just 17 properties put up for auction in Adelaide on the weekend with six reported as sold. Those results were down on the results reported from last week and last year.

In Brisbane, 35 per cent of 37 properties listed for auction sold on the day, down from 42 per cent of 55 auctions last week.

Source: Australian Property Monitors

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