The increase in home buying and selling that traditionally comes with spring has been less than impressive this year, according to new figures.
Data from Australian Property Monitors found 57.4 per cent of properties cleared over the weekend in Sydney – down from 62.7 per cent achieved this time last year.
The most expensive home to be sold in the capital city was a two bedroom unit in Birchgrove, which successfully sold under the hammer for a touch above $2.5 million.
In contrast, the most affordable property sold at auction this weekend was a three bedroom house in Campbelltown, which went for $274,000.
The story was much the same in Melbourne, where just 57.1 per cent of properties cleared – down from 66.5 per cent last year.
The lack of activity comes as little surprise to industry commentators, who had expected the traditionally hot spring selling season to be delayed by a month or two this year.
Speaking to The Adviser, Raine and Horne chief executive Angus Raine said depending on what the RBA does for the rest of the year, potential property buyers are likely to sit on their hands and wait and see if property prices fall further.
“There will be a delayed spring selling season, which will go all the way through until December. Buyers are being very cautious at the moment, they are taking a ‘wait and see’ approach to property and I think that is unlikely to change any time soon.”