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Auction activity slumps in Adelaide

Auction activity slumps in Adelaide

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Staff Reporter

Auction clearance rates in Adelaide slumped over the weekend with only one property sold under the hammer, according to Australian Property Monitors.

Adelaide’s clearance rate over the weekend tumbled by 42.9 per cent when compared to last week, slumping to 7 per cent, with just one of the 13 listed properties selling. This was well down on the result from the same time last year, when 66.7 per cent of listed properties sold.

However, over 63 per cent of properties cleared in Sydney at the weekend, with a four bedroom house in Seaforth selling for $2.346 million.

In Melbourne, the story was much the same, with 61.7 per cent of properties clearing at the weekend. This was more than last weekend when 55.1 per cent of properties sold at auction. Brisbane recorded a 37 per cent clearance rate, with just nine of 23 reported listed properties selling.

The Real Estate Institute of Victoria (REIV) chief executive Enzo Raimondo said demand for properties was likely to improve further over the coming weeks as Australia starts to head into spring.

“An increase in listings is expected in spring and those vendors looking to sell at auction will welcome the small improvement in demand,” he said.

The REIV said it expected 585 auctions in Melbourne next weekend, up from the 470 that listed on the weekend just gone.

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Auction activity slumps in Adelaide
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