Auctions fail to hit the mark with buyers

Auctions fail to hit the mark with buyers

06 June 2011 by Jessica Darnbrough 0 comments

Auctions in Sydney and Melbourne failed to excite home buyers at the weekend, new data has revealed.

According to the latest statistics from Australian Property Monitors, just 54.7 per cent of properties cleared at auction in Sydney this weekend – a far cry from the 63.9 per cent recorded this time last year.

The most expensive property to be sold in the capital city this weekend was a three bedroom, $3 million house in five Dock, while the most affordable property to go under the hammer was a four bedroom house in Woodpark, which sold for $341,000.

The story in Melbourne was much the same.

Just 56.3 per cent of properties cleared at the weekend – down from 62.5 per cent recorded this weekend last year.

The Real Estate Institute of Victoria chief executive Enzo Raimondo said while the slowdown was largely expected, buyers and sellers would no doubt be hoping the market improves over the coming months.

“There is no doubt that most buyers and sellers will be hoping that the Reserve Bank keeps interest rates stable when they meet on Tuesday,” he said.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?