Fewer vendors choosing auctions

There were fewer auctions held in Sydney this week – 290, down from 354 last week, with the clearance rate improving to 60 per cent from 55 per cent last week.

On the corresponding weekend last year, there were 515 auctions held in Sydney with a clearance rate of 64 per cent.

In Melbourne, there were 513 auctions of residential properties held on Saturday, down from 604 last week, with 65 per cent producing a sale, up from last week’s 61 per cent clearance rate.

On the same weekend last year in Melbourne, 72 per cent of 820 properties sold at auction.

Source: Australian Property Monitors