Sydney auctions boom cools

Over the weekend of October 25-26, Sydney's house auction clearances hit a two-year low of 54 per cent with only 173 of 291 homes offered sold. McGrath Estate Agents interpreted the low clearance rate as a sign that the two-year residential property boom is coming to an end. It's not a bust, however, McGrath said, just that the market's becoming more realistic. He expects auction clearance rates to stay between 55-65 per cent until the end of 2003. Australian Property Monitors' MD Tony Shannon said the market's stabilising and is just on a plateau. There's no need for panic, he said. Over the past 10 weeks, Sydney's Saturday auction clearance rates have fallen from 69 per cent to 54 per cent.