Auctions fail to hit the mark with buyers

Auctions in Sydney and Melbourne failed to excite home buyers at the weekend, new data has revealed.

According to the latest statistics from Australian Property Monitors, just 54.7 per cent of properties cleared at auction in Sydney this weekend – a far cry from the 63.9 per cent recorded this time last year.

The most expensive property to be sold in the capital city this weekend was a three bedroom, $3 million house in five Dock, while the most affordable property to go under the hammer was a four bedroom house in Woodpark, which sold for $341,000.

The story in Melbourne was much the same.

Just 56.3 per cent of properties cleared at the weekend – down from 62.5 per cent recorded this weekend last year.

The Real Estate Institute of Victoria chief executive Enzo Raimondo said while the slowdown was largely expected, buyers and sellers would no doubt be hoping the market improves over the coming months.

“There is no doubt that most buyers and sellers will be hoping that the Reserve Bank keeps interest rates stable when they meet on Tuesday,” he said.

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