Sydney hope amid auction doom and gloom

Sydney auction results continue to show small incremental improvement. The clearance rate was up one per cent to 63 per cent after 183 properties were reported sold at auction on Saturday the 28th of February for a combined value of $128 million, all up slightly on the results from the previous week, and on last year's depressed Sydney results for the same weekend.

In Melbourne the clearance rate was down to 61 per cent after only 110 out of 591 properties put up for auction sold on the day for a total sale value of $49 million. On the same Saturday last year 507 residential properties sold at auction in Melbourne for $248 million.

Only eight properties sold in Adelaide on Saturday, down from 58 last year, but up from five last week. In Brisbane there was just 10 successful auctions, down from 19 last week and 36 on the same weekend last year.

Source: Australian Property Monitors