Auction clearance rates continue to hover around 60 per cent in Sydney and Melbourne, suggesting the traditionally hot spring selling season is yet to bloom.
According to the latest data from Australian Property Monitors (APM), 56.3 per cent of properties sold in Sydney at the weekend.
The most expensive property sold in the capital city at the weekend was a $3 million five bedroom house in the inner western Sydney suburb of Strathfield, while the most affordable property to go under the hammer was a $290,000, two bedroom unit in Fairfield, in Sydney's southwest.
In Melbourne, the auction clearance rate was a little better, with 60.5 per cent of the 825 properties clearing.
But despite the solid result, the Real Estate Institute of Victoria’s (REIV) chief executive Enzo Raimondo said the auction result was still a long way off what was achieved this time last year.
“The clearance rate this weekend last year was 67 per cent. It's important to note that the number of auctions was also higher last year with 1,127 homes offered for sale,” he said.
“Next weekend 445 auctions are expected, a lower number than this weekend due to the Melbourne Cup being raced on the following Tuesday.”
While clearance rates in Adelaide and Brisbane remain well below the 50 per cent market, both capital cities experienced a modest rise compared to the previous week.
Clearance rates in Adelaide rose five per cent over the weekend – to 43.5 per cent, while Brisbane experienced a 21.7 per cent increase, with a total clearance rate of 29.8 per cent.