Melbourne, Brisbane drag auction results down

Two hundred and twelve properties were sold at auction in Sydney on Saturday for a combined value of $155 million. The clearance rate of 63.7 per cent was about the same as the weekend before, when 218 properties sold for $153 million.

Just 85 residential properties sold in Melbourne on the weekend for $36 million where reporting was late, down from 211 properties sold last week and 287 on the same weekend last year.

Just nine properties sold in Adelaide, down from 14 last week and 16 last year.

In Brisbane, seven properties sold at auction for a clearance rate of just 19 per cent. Last week 20 properties were sold in Brisbane and 24 on the same weekend last year.

Source: Australian Property Monitors