Auctions stagnate in spring
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|Monday, 11 October 2010|
The warmer weather is doing little to attract homebuyers to auctions.
According to Australian property Monitors, both Sydney and Melbourne failed to capitalise on the warmer weather this weekend, with both cities recording clearance rates under 70 per cent.
In Sydney, just 61.0 per cent of properties cleared - down from 67 per cent this time last year.
The most expensive property sold over the weekend was a four bedroom house in Rozelle, which went under the hammer for $2.075 million. The least expensive was a three bedroom house in Charmhaven, which sold for just $170,010.
In Melbourne, the story was much the same.
Of the 863 properties listed for sale, just 62.5 per cent of the properties cleared.
The Real Estate Institute of Victoria chief executive Enzo Raimondo said the current performance of the property market was in stark contrast to this time last year when there was 598 auctions and a clearance rate of 82 per cent.
"A year ago interest rates were still at record lows which highlights the importance of monetary policy on the real estate market," he said.
"The REIV expects around 1900 auctions over the next fortnight including 1170 in a fortnight, a number sure to test the level of underlying demand."