Sydney auction results improving

The Sydney residential property market shows signs of continued improvement with good auction results from last weekend. 65 per cent of 459 properties listed for auction sold on Saturday, compared with 65 per cent of 351 last week. On the same weekend last year there were369 propertie listed for auction with 42 per cent selling on the day.

Melbourne results were affected by the Spring Racing Carnival but were still substantially better than the results from the same weekend last year. 68 per cent of 365 properties sold at auction, down from 79 per cent of 949 properties auctioned last week. Last year 49 per cent of 136 properties sold at auction in Melbourne.

In Adelaide, 49 per cent of 55 properties sold, with numbers up from last week and last year. In Brisbane, 50 per cent of 66 properties sold at auction on the weekend, up from last week and last year.

Source: Australian Property Monitors