Weak city auction results continue

Auction clearance rates remain low in Sydney with just 44 per cent of listed properties selling on Saturday for a total value of $103 million. 421 properties were listed for auction in Sydney on Saturday the 8th November, with 149 selling on the day, well down on the results from the same weekend last year and very similar to last week’s results. Melbourne auction results were also well down on last year’s results with 48 per cent of 626 properties selling on the day for a total value of $42 million, down from 75 per cent of 890 properties for $323 million last year. Just five of twenty five properties sold at auction in Adelaide on Saturday, while just 23 per cent of 81 properties sold in Brisbane auctions this weekend.

Source: Australian Property Monitors