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Clearance rates dip in major cities

19 October 2009 Reporter

Weekend auction clearances dropped slightly in Sydney and Melbourne over the weekend, with both cities achieving less than 80 per cent, according to Australian Property Monitors.

In Melbourne, 183 of the 239 properties up for auction were sold for a clearance rate of 75.3 per cent – down from the 79.3 per cent recorded last weekend.

In Sydney, $98.6 million in property was sold for a clearance rate of 62.2 per cent. Of the 206 properties listed for auction 145 were sold.

A four bedroom house in Castlecrag registered the highest sales price of $1.84 million; while a two bedroom unit in Warwick Farm was cheapest at $151,000.

While Sydney’s 62.2 per cent clearance rate was significantly higher than the 49.2 per cent recorded this time last year, it was still a fall from the 65.0 per cent recorded last weekend.

Adelaide and Brisbane achieved similar clearance rates over the weekend, achieving 53.1 per cent and 50.0 per cent respectively.

In Adelaide, 17 of the 30 properties listed for auction were sold for a combined total of $9.6 million, while 15 of the 29 properties listed in Brisbane were sold for $9.0 million.

Clearance rates dip in major cities
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