Sydney auctions improving

Auctions results improved in Sydney this weekend with 384 residential properties listed for auction, up from 344 last week. Clearance rates also improved with 61 per cent selling on Saturday, also up from 56 per cent last week. On this weekend last year, 74 per cent of 227 properties listed for auction were reported sold on the day.

Bad weather may have contributed to a slight fall in the clearance rate for auctions held in Melbourne on Saturday. 61 per cent of 555 Melbourne properties that were listed for auction were sold on Saturday, down from last week when 67 per cent of 499 properties sold on the day. On this weekend last year, 70 per cent of 485 properties listed for auction sold under the hammer.

In Adelaide there were just 28 auctions with a clearance rate of 54 per cent. In Brisbane, just 22 per cent of 47 properties listed for auction sold o Saturday.

Source: Australian Property Monitors