Big city property markets still sluggish

The big increase to the first homebuyers grant has failed to ignite the capital city auction market with sluggish results being recorded over the weekend. 52 per cent of 317 properties put up for auction in Sydney on Saturday sold, for a total value of $92 million. On the previous weekend, 48 per cent of 339 properties sold for a total value of $97 million. The figures where well down on the sales figures for the same weekend last year when 63 per cent of 357 properties sold for $181 million. In Melbourne 53 per cent of 590 properties sold, which was much the same as the previous weekend but the total value of the properties sold was just $47 million in total, down from $129 million the week before. On the same weekend last year, 79 per cent of 811 properties sold for $312 million in Melbourne. In Adelaide, just 8 of 25 properties sold at auction on the weekend and in Brisbane 13 of 60 properties sold.

Source: Australian Property Monitors