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Clearance rates at auctions along Australia's east coast were down on this time last year, with the drop most pronounced in Brisbane.
In Brisbane, just five of the 32 properties put up for sale actually sold, giving the city a clearance rate of 11.8 per cent.
In Sydney and Melbourne the story was much the same.
According to Australian Property Monitors, 59.8 per cent of properties cleared in Sydney over the weekend – stumbling from the 69.5 per cent recorded last weekend.
In Melbourne, the rate fell from 63.8 per cent to 61.6 per cent.
Clearance rates for both cities were well down from the same time last year, when they were 70.6 and 79.4 per cent respectively.
But despite the slump, Real Estate Institute of Victoria’s chief executive Enzo Raimondo was able to put a positive spin on the results, suggesting the auction market was now returning more consistent results than when clearance rates were 80 to 90 per cent.
“Vendors, estate agents and purchasers are finding sale prices and sale outcomes are more in line with expectations than was the case when the clearance rate was around 80 to 90 per cent,” Mr Raimondo said.
“Judging by previous years the trend in September persists for the remainder of the year, under those conditions vendors can be confident that they will achieve a good result if they have a sale listed for the next few months.”
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