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Auction rates remain steady despite rate hike

09 November 2009 Reporter

The residential housing market appears to have weathered the latest interest rate rise, with auction clearance rates dipping only marginally over the weekend.

According to data from Australian Property Monitors Melbourne achieved a 70.2 per cent clearance rate, down slightly from the 72.9 per cent a week earlier.

In Sydney, auction clearance rates dipped from 64.3 per cent last weekend to 60.3 per cent this weekend.

A four bedroom house in Rose Bay was the most expensive property sold over the weekend, selling under the hammer for $2.96 million; a $160,000, one bedroom unit in Parramatta was the cheapest.

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Brisbane and Adelaide also experienced a slight drop in auction clearance rates falling from 50.0 per cent to 46.4 per cent and 45.5 per cent respectively.

Of the 26 properties listed for auction in Adelaide, 10 were sold for a combined value of $6.6 million.

Auction rates remain steady despite rate hike
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