Market cool-off at Sydney auctions
Close to 30 per cent of residential properties due to be auctioned in Sydney over the November 29-30 weekend did not go to auction. More than one in 10 were sold before auction and one in five were withdrawn. The trend was consistent throughout most of Sydney; one exception was Ashfield which had a 100 per cent clearance rate.
The weekend clearance rate was about 44 per cent including the properties withdrawn from auction. Buyers' agent Dennis Kalofonos said he believes the market has “quietened down considerably”. According to the McGrath APM Index, Sydney house prices will show a rise of 7.9-11 per cent, and unit prices 5.7-6.5 per cent, in the 12 months to June 2004.