Auction figures released by Australian Property Monitors (APM) found that there has been a slump in the number of homes being put up for auction in the four major cities of Sydney, Melbourne, Adelaide and Brisbane.
Sydney agents were the busiest over the weekend, with 244 reported auctions and 152 properties selling. However, this time last year there were 348 reported auctions. Sydney’s clearance rate was also down seven per cent, hitting 53.9 per cent last weekend.
Whilst there were 558 listed auctions in Melbourne this weekend, just 118 reportedly went ahead with 75 selling, according to the APM. In contrast, this time last year Melbourne agents dealt with 567 reported auctions.
According to the Real Estate Institute of Victoria (REIV), the weekend's auction clearance rate was 59 per cent, compared to 64 per cent the previous weekend, and 63 per cent on this weekend last year.
“The small reduction in the clearance rate follows a doubling of the number of auctions compared to last weekend,” REIV CEO, Enzo Raimondo, said.
“Next weekend the REIV expects 880 auctions followed by 870 in a fortnight.”
In contrast to APM's results, the REIV reported a total of 579 auctions went ahead on the weekend. Homes sold made up 341 of the total. The remaining 238 were passed in, 155 of those on a vendor's bid.
Adelaide and Brisbane performed modestly with 17 and 22 reported auctions respectively this weekend, compared to 32 and 36 auctions this time last year.
Brisbane however experienced a jump in its clearance rate, up 19.6 per cent from last year, while Adelaide fell by almost 40 per cent.
APM reported the most expensive property sold over the weekend was a four bedroom house in Mosman NSW, which went under the hammer for $2.9 million. By contrast, the REIV reported the most expensive property sold across the weekend was a five bedroom beachfront Albert Park home, which sold for $3 million.
A three bedroom terrace located in Ingleburn in Sydney, took the title of the weekend’s most affordable property, APM said, selling for $235,000.