Lacklustre clearance results for the weekend’s auctions have confirmed that the winter downturn has officially arrived.
According to the latest data from Australian Property Monitors, the auction clearance rates in Sydney and Melbourne were both under 60 per cent on the weekend, with 58.7 and 58.8 per cent achieved in the capital cities respectively.
The results are a stark contrast to the 70 per cent plus highs achieved less than two years ago.
Despite the weaker market conditions, sought-after properties are still attracting high prices.
The most expensive property sold in Sydney at the weekend was a one bedroom house in Strathfield which sold for $3.2 million, according to APM
Meanwhile in Melbourne the priciest property to go under the hammer was a four bedroom house in Malvern which achieved a sales price of $4.7 million.
The most affordable property sold in Sydney was a studio in Auburn which went under the hammer for $108,450, while in Victoria the biggest bargain was a three bedroom house in Westmeadows which sold for $240,000.