Weekend auctions disappoint

Last week’s one per cent rate cut failed to inspire property buyers in a sluggish weekend for property sales.

In contrast to a traditionally strong spring period Melbourne saw an auction clearance rate of just 49.2 per cent – down substantially from the previous weekend’s 59.7 per cent according to Australian Property Monitors.

Sydney recorded a clearance rate of 49.8 per cent and in Brisbane auctions cleared at a rate of just 23.4 per cent, albeit on a small number of properties.