Mixed auction results across the capitals this weekend were led by a small collection of suburbs in Sydney.
According to Australian Property Monitor (APM) data, residential clearance rates in Melbourne hovered at 64.5 per cent, down 2.9 per cent on the weekend before, however there were almost half as many reported auctions.
According to CEO of the Real Estate Institute of Victoria (REIV) Enzo Raimondo, the subdued result won’t affect the market dramatically.
“Prior to this weekend, the year to date clearance rate was 69 per cent which is higher than the last two years," he said.
“Auction volumes continue to reflect moderate improvements in the market with listings around 12 per cent higher than the 10 year average until the middle of May.”
Mr Raimondo forecasted around 780 auctions next weekend.
On the other hand Sydney performed strongly, with a residential clearance rate of 75.6 per cent, up six per cent from last week.
CEO of the Real Estate Institute of NSW (REINSW) Tim McKibbin said some standout suburbs were leading the way in auctions, mainly in the northern and eastern suburbs.
“Comparing results with this time last year reveals some suburbs with a substantial improvement in their clearance rates,” Mr McKibbin said.
“The suburbs of Gladesville, Woollahara, Cremorne, Ryde, Castle Hill, Marrickville, Neutral Bay and Coogee are amongst a select few that have recorded a greater than 20 point increase in their clearance rates compared to last year.”
Adelaide recorded a clearance rate leap from 55.2 per cent to 86.7 per cent, however three less properties sold this weekend compared to last week.
Brisbane’s clearance rate remained flat, rising 0.2 per cent to 32.5 per cent.