National residential property markets reported reasonable, but not amazing, auction clearance rates over the weekend.
Sydney markets achieved a clearance rate of 58.5 per cent and Melbourne 66.4 per cent, The Australian Financial Review reported today
Adviser Edge’s head of research Louis Christopher told the daily that interest rate rises had probably contributed to a slowing in the market, but that Sydney and Melbourne still appear to be in good shape.
“Sydney is basically in line with last year, while Melbourne is down a bit,” Mr Christopher said.
“If the latest rate rise had really bitten, I would have expected Sydney’s clearance rate to fall to the low 50s and Melbourne to slump to the high 50s,” he said.
Meanwhile, Real Estate Institute of Victoria (REIV) Enzo Raimondo was less optimistic about Melbourne’s market, telling Fairfax newspapers the market had peaked and high capital growth was over for this year.
“I have spoken to a lot of agents in the past few days and they are saying that things are starting to slow,” Mr Raimondo said.
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