Auctions are off to a slow start this year, with only 60 reported auctions taking place nationally this past weekend, 140 less than the same time last year.
According to Australian Property Monitors (APM) data, Sydney had the most reported auctions this weekend with 25, of which 20 sold.
But Sydney played host to more than double the amount of auctions this same time last year, with 66, according to APM.
Melbourne only had 20 auctions, less than a quarter of last year’s result when 81 properties were put to the hammer.
Real Estate Institute of NSW (REINSW) president Christian Payne said January was historically the slowest auction month.
“There were just 217 properties up for auction in January 2012, with a clearance rate of 76 per cent and December saw only 1,110 properties up for auction, with a clearance rate of 61 per cent.
“But these figures aren’t really an indicator of how the market was performing, as these months always see far fewer auctions.”