Auction rates remain steady

Auction clearance rates in Sydney and Melbourne for Saturday remained steady, with around half of the properties listed being sold, Australian Property Monitors (APM) reported.

Sydney had 212 reported auctions on Saturday, with 131 or 52.8 per cent being sold. Melbourne had a similar result, with 92 of the 188 reported auctions being purchased. Both cities recorded a similar result a week earlier.

Clearance rates in Adelaide were higher, with 10 of the 16 properties, or 58.8 per cent, up for auction being sold. This was up from the previous week when seven of the 20 properties were sold.

Brisbane continued to lag the other cities in terms of clearance rates and activity, with just 23 per cent properties successfully auctioned on Saturday.

This equated with just three properties from 13 finding a buyer. The week earlier saw six properties from 19, or 33 per cent, passing muster with buyers.

APM publishes Auction Clearance Rates (ACR) each Saturday evening, based on the majority sample collected on that day.

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