Despite signs that consumer sentiment could be improving, the property market failed to register any considerable improvement in auction activity over the weekend.
The latest Westpac-Melbourne Institute Index of Consumer Sentiment released last week showed a 7.1 per cent improvement in Australians’ confidence levels.
In addition, the index’s ‘time to buy a dwelling index’ – which specifically measures sentiment around whether or not it’s a good time to buy property – even recorded an 11 per cent surge to its highest level since 2002.
Nevertheless auction clearances remained weak over the weekend. Melbourne recorded an eight per cent slide in property sales to 44.2 per cent – 28.1 per cent lower than the same weekend in 2007.
The clearance rate improved slightly in Sydney from 44.1 to 46.9 per cent however this compared to the 53.9 per cent registered in the corresponding weekend last year.
In Adelaide, the clearance rate dropped to 23.1 per cent from 40 per cent the week before and 74.2 per cent from the corresponding weekend in 2007; Brisbane recorded 19.1 per cent compared to 18.4 per cent last week.
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