Melbourne auction sales slump

Auction clearances in Melbourne slumped to a four year low on the weekend with just 51 per cent of 807 properties selling under the hammer. On the same weekend last year, 78 per cent of 952 properties sold for a total value of $502 million. Real Estate agent Tim Fletcher said auctions were a lazy option in the current sluggish market. Fletcher said one third of the 900 properties should not have been put up for auction. Forty per cent of all auctions since August have been passed in due to no genuine bids.

Source: Sunday Herald Sun