Long weekend auctions hold up

The auction clearance rate remained high in Sydney over the Queen's birthday weekend with more than 66 per cent of the 220 residential properties put up for auction selling on the day.

The auction results were an improvement on the results from the same weekend last year, when 46 per cent of 171 properties selling at auction, but down on last week. Last week, 70 per cent of 409 properties sold in Sydney at auction.

In Melbourne, over 70 per cent of 161 residential properties put up for auction sold on Saturday, down from 78 per cent of 649 properties the week before. On the same weekend last year in Melbourne, 50 per cent of 192 properties sold at auction.

Just 35 per cent of 25 properties sold at auction on Saturday in Adelaide, down from 55 per cent of 25 properties last week, and 40 per cent of 46 properties on the same weekend last year.

In Brisbane there were just 22 auctions held on the weekend with a clearance rate of 37 per cent. Last week and on the same weekend last year, there were more than 60 auctions held in Brisbane.

Source: Australian Property Monitors

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