Auction activity in Sydney and Melbourne was uninspiring this weekend, despite being billed as one the biggest weekends on the real estate calendar.
According to Australian Property Monitors, just 55.2 per cent of properties cleared in Sydney this weekend – a far cry from the 69.7 per cent achieved this time last year.
The most expensive property sold in the capital city over the weekend was a three bedroom unit in Manly, which went under the hammer for $2.5 million. The least expensive property sold was a two bedroom unit in Blacktown, which sold for $236,000.
Melbourne performed a little better than its sister state, selling more than 61.8 per cent of all properties listed for auction.
But despite the positive result, the clearance rate is still a long way from the 78.2 per cent achieved this time last year.
Real Estate Institute of Victoria chief executive Enzo Raimondo said the clearance rate was likely to fall over the next couple of weeks, as demand traditionally drops away during the Easter break.
“There were a total of 889 auctions reported this weekend, of which a total of 550 sold and 339 were passed in,” he said.
“As is traditionally the case, the number of auctions is lower after Easter with 560 expected on the last weekend of April and just over 600 in the first weekend of May.”