Sydney, Melbourne auctions still sick

The Sydney auction market continued to recover very slowly on the weekend with 156 properties selling at auction out of a total of 301 residential homes sold under the hammer on Saturday. The clearance rate of about 64 per cent was about the same as last weekend when 120 properties sold in Sydney auctions. On the same weekend in 2008, 286 properties sold at 524 auctions.

Melbourne auctions figures were affected by late reporting but indicate a strong clearance rate over 73 per cent, compared to seventy per cent on the same weekend last year when more than 600 properties sold at over 1,000 auctions.

Source: Australian Property Monitors