Auction clearance rates still sluggish

Auction clearance rates still sluggish

by 0 comments

Matthew Sullivan

Buyers’ lack of confidence was reflected in the weekend’s auction clearance rates, which remained flat in most of the nation’s major cities.

In Sydney, clearance rates improved slightly, with 53.1 per cent of properties selling – up 0.2 per cent on the previous week – according to Australian Property Monitors.

However, the total number of properties sold increased by 58.2 per cent compared to last week’s less than stellar performance, with 186 homes going under the hammer.

Brisbane’s property market continues to struggle, with only 19 per cent of properties clearing at auction over the weekend.

Melbourne took the biggest hit as only 51.9 per cent of homes listed for auction sold – down 9 per cent on the previous week.

The standout performer was Adelaide, with auction clearance rates improving marginally and the clearance rate up 18.1 per cent on the previous week.

The most expensive property sold was in Sydney: a four bedroom home located in Gladesville NSW which went under the hammer for $2.34 million, while the most affordable property was a twin bedroom unit in The Entrance, NSW, which went for $215,000.

Matthew Sullivan

Buyers’ lack of confidence was reflected in the weekend’s auction clearance rates, which remained flat in most of the nation’s major cities.

In Sydney, clearance rates improved slightly, with 53.1 per cent of properties selling – up 0.2 per cent on the previous week – according to Australian Property Monitors.

However, the total number of properties sold increased by 58.2 per cent compared to last week’s less than stellar performance, with 186 homes going under the hammer.

Brisbane’s property market continues to struggle, with only 19 per cent of properties clearing at auction over the weekend.

Melbourne took the biggest hit as only 51.9 per cent of homes listed for auction sold – down 9 per cent on the previous week.

The standout performer was Adelaide, with auction clearance rates improving marginally and the clearance rate up 18.1 per cent on the previous week.

The most expensive property sold was in Sydney: a four bedroom home located in Gladesville NSW which went under the hammer for $2.34 million, while the most affordable property was a twin bedroom unit in The Entrance, NSW, which went for $215,000.

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
How this agent's commitment to clientele built him a 25k-strong client base

In this episode of Secrets of the Top 100 Agents, host Tim Nearly talks to RT Edgar’s Glen Coutinho who ranked number six in this year’...

View all podcasts

How difficult is it to maintain a good work/ life balance?

Very – if I’m having balance my competitors are working
Not – I schedule the time into my calendar in advance
A little – It’s scheduled, but something always crops up
Work/ life balance – what’s that?
Do you have an industry update?