Sydney property market still weak

Weekend auction results in Sydney and Melbourne continue to show only weak demand from buyers with about half of properties being passed in on Saturday. Sydney's property market seems particularly affected by continuing weak demand. 48 per cent of 316 properties auctioned in Sydney on Saturday the 20th of September were sold. On the same weekend last year the clearance rate was 63.8 per cent. In Melbourne 53 per cent of 638 properties put up for auction were sold, compared to 80 per cent of 847 properties last year. Adelaide's clearance rate was 33 per cent and Brisbane recorded 42 per cent of properties put up for auction on the weekend.

Source: Australian Property Monitors