Bumper auction weekend
Auction clearance rates largely held firm in Sydney this week as volumes increased. There 643 residential properties put up for auction in Sydney on Saturday, up from 485 last week. 60 per cent of properties listed for auction sold on the day, compared with 62 per cent last week. On the same weekend last year, 72 per cent of 416 properties sold at auction in Sydney.
Melbourne had a huge auction weekend with 943 properties listed and 66 per cent selling on the day. Last weekend, 69 per cent of 789 properties sold at auction in Melbourne. On this weekend last year, 77 per cent of 643 properties sold at auction in Melbourne. There were 44 auctions in Adelaide with 44 per cent resulting in a sale. In Brisbane there were 56 auctions with 33 per cent successful.
Source: Australian Property Monitors