Melbourne and Adelaide auctions recover

The Sydney residential property market continues to produce lacklustre auction results with just $56 million worth of homes being sold at auction on Saturday the 25th of October, down from $96 million the previous Saturday and well down on the $189 million worth of sales on the same weekend in 2007. 39.6 per cent of the 310 properties put up for auction in Sydney on the weekend were sold, down from 49 per cent of 311 properties the week before. Melbourne residential auction results were significantly better with 936 properties listed for auction, with 45 per cent clearance rate on reported auctions. More than 600 Melbourne auction results are still unreported. The total listed for auction in Melbourne, 936, was up from 582 the week before, but still down on the same weekend last year when 77 per cent of 1,287 properties sold at auction. In Adelaide 19 of 40 properties put up for auction sold on Saturday, an improvement from last week but still well down on last year's results. In Brisbane just 8 of 48 properties put up for auction were sold on Saturday, down from last week and well down on last year's numbers.

Source: Australian Property Monitors