The Adviser

Auctions suffer under winter chill

By: Staff Reporter

The winter chill has officially settled on the housing market, with auction clearance rates falling again this weekend.

In Sydney, the auction clearance rate was 58.6 per cent – a long way from the 70.9 per cent achieved this time last year.

The most expensive property sold over the weekend in the NSW capital city was a five bedroom house in Lane Cove, which went under the hammer for $2.67 million.

The cheapest property sold was a $130,000 three bedroom house in San Remo.

In Melbourne, the story was much the same, with auction clearance rate falling to just 57.4 per cent – a far cry from the 83.0 per cent recorded this time last year.

However, the clearance rate drop was totally unexpected in Melbourne, as a record 3,163 properties were put up for sale in June – twice as many as June last year.

“The clearance rate from [Saturday’s] auction clearly shows the impact of high stock levels throughout June,” REIV chief executive Enzo Raimondo said

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