The chill in the property market continued over the weekend, with both Sydney and Melbourne recording less than impressive clearance rates.
In Sydney, 58.5 per cent of properties were cleared over the weekend – slightly up on last weekend’s 57.0 per cent clearance rate, but well down on the 64.5 per cent recorded this time last year.
The most expensive property to go under the hammer was a five bedroom house in Balgowlah, which sold for $2.385 million; the cheapest was a one bedroom unit in Circular Quay, which sold for $284,000.
In Melbourne, the auction clearance rate was 55.4 per cent – well down on the 81.1 per cent achieved this time last year.
But the fall in clearance rate activity was mostly expected, as the capital city hosted more than 590 auctions.
According to Real Estate Institute of Victoria chief executive office Enzo Raimondo, this weekend’s auction number was nearly twice as many as the number of properties put up for sale this time last year, and a 30 per cent increase on the number of properties listed in 2008.
“The clearance rate is likely to remain constant, around 65 per cent for the remaining winter months, with a rise anticipated as the spring selling season begins,” Mr Raimondo said.