Spring delivering better auction results
Auction clearance rates dipped down slightly this week under pressure from rising volumes as spring selling season picks up. There were 553 properties listed for auction in Sydney this week, up from 347 last week. The auction clearance rate in Sydney was 59.8 per cent, 68 per cent last week. On the same weekend last year, 71 per cent of 422 properties sold at auction in Sydney.
In Melbourne 62 per cent 782 properties put up for auction sold on Saturday. Last week 64 per cent of 693 properties sold at auction in Melbourne. On the same weekend last year, 79 per cent of 895 properties sold at auction in Melbourne. Adelaide delivered better auction results this week with 49 per cent of 73 auctions producing a sale. In Brisbane, just 12 per cent of 75 auctions produced a sale this week.
Source: Australian Property Monitors