There was a modest increase in auction activity in Sydney over the weekend, new data from Australian Property Monitors (APM) has revealed.
According to APM, 60.3 per cent of properties cleared in Sydney over the weekend – slightly higher than the 56.4 per cent recorded this time last week. Melbourne booked a 56.5 per cent clearance rate on Saturday, based on 327 reported auctions. This was slightly lower than the 57.4 per cent recorded the weekend earlier.
Clearance rates in Adelaide and Brisbane were slightly lower on Saturday when compared to the previous weekend.
Adelaide managed to clear just 32.1 per cent of properties, down from 42.4 per cent the previous weekend, while Brisbane cleared 34.0 per cent, down from 38.1 per cent the weekend earlier.
The most expensive property to go under the hammer this weekend was a $4.9 million, four bedroom house in Paddington, in Sydney's Eastern Suburbs.
In Melbourne, the high end market has failed to perform strongly over the last few months – which could be an indication of things to come, according to Real Estate Institute of Victoria (REIV) chief executive Enzo Raimondo.
“The level of demand this weekend is consistent with the performance of the market over the last two months and provides an indication about how it will perform over the winter months,” Mr Raimondo said.
“Next weekend 1,050 are expected. The following weekend has only 40 auctions scheduled due to Easter.”