Auction clearance rates dropped in Sydney and Melbourne over the weekend, Australian Property Monitors has revealed, with both cities down by 3.8 and 8.0 per cent respectively. Volumes were also significantly down compared to the same Saturday last year.
Melbourne registered a clearance rate of 70.4 per cent compared with last Saturday’s 78.4 per cent however it was up from the 58.6 per cent achieved on the same Saturday last year.
In terms of volume 114 properties were put up for auction, with 65 sold under the hammer and 23 prior to auction. Last Saturday reported 116 priorities for auction, the same Saturday last year 683.
In Sydney auction volumes were up on last Saturday’s 29 properties reported for auction but markedly down on the 351 on the same Saturday last year.
In total 124 of the 180 properties put up for auction reached sale for a rate of 62.9 per cent. A four bedroom house in Burwood achieved the highest price of $2.6 million.
Adelaide registered a clearance rate of 43.8 per cent, down on last Saturday’s 66.7 per cent.
In Brisbane, the auction clearance rate rose to 28.9 per cent from last Saturdays 0 per cent. Only 11 properties sold of the 37 reported for auction.
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