Auction clearance rates continue to hover around 50 per cent in Melbourne and Sydney, suggesting the market is neither booming nor flagging.
According to the latest data from Australian Property Monitors (APM), 58.1 per cent of properties cleared in Sydney over the weekend – marginally higher than the 55.0 per cent achieved this time last week.
The most expensive property sold in the capital city this weekend was a four bedroom house in Avalon, which went under the hammer for $2.8 million.
The most affordable property sold in Sydney was a two bedroom house in Gosford, which was bought for just $155,000.
In Melbourne, the story was much the same.
Just over 55 per cent of properties cleared at auction over the weekend, slightly up on the week before.
According to the Real Estate Institute of Victoria chief executive Enzo Raimondo, all of the states continued to be affected by economic uncertainty.
“The market clearly continues to be effected by the economic situation and low levels of consumer confidence,” he said.
“Next weekend 820 auctions are expected followed by 1,070 in a fortnight.”
Adelaide booked a 42.4 per cent clearance rate last weekend, based on 28 reported auctions, while Brisbane posted a 38.1 per cent clearance rate from 20 reported auctions.