Melbourne, Brisbane auction results shine

Auction clearance rates remained high in Sydney on the weekend with almost 75 per cent of properties selling on the day, although the number of auctions remained relatively low at just 196 auctions held. The results were a big improvement on the results from the same weekend last year, when 46 per cent of 225 properties sold at auction and broadly in line with last week's results when 69 per cent of 213 properties sold on the day.

Melbourne continued to deliver spectacular auction clearance rates with 81 per cent of 353 properties put up for auction on Saturday selling on the day. The results were an improvement on last week when 77 per cent of 271 properties sold, although volumes were well down on the numbers from the same weekend last year when 58 per cent of 490 residential properties sold at auction in Melbourne.

In Adelaide, 48 per cent of 31 properties sold at auction on the weekend, compared to 61 per cent of 20 properties last week and 30 per cent of 35 properties on the same weekend last year.

Auction results in Brisbane continued to improve with 57 per cent of 53 properties selling on Saturday, up from 50 per cent of 27 properties last week. On the same weekend last year, 31 per cent of 62 properties sold at auction in Brisbane.

Source: Australian Property Monitors