Auction activity remained lackluster at the weekend, the latest data from Australian Property Monitors has revealed.
In Sydney just 54.7 per cent of properties cleared at auction, compared to 63.9 per cent recorded for the same weekend last year.
The most expensive property to be sold in Sydney this weekend was a three bedroom, $3 million house in Five Dock, while the most affordable property to go under the hammer was a four bedroom house in Woodpark, which sold for $341,000.
The story in Melbourne was much the same.
Just 56.3 per cent of properties cleared at the weekend – down from 62.5 per cent recorded this weekend last year.
The Real Estate Institute of Victoria chief executive Enzo Raimondo said while the slowdown was largely expected, buyers and sellers would no doubt be hoping the market improves over the coming months.
“There is no doubt that most buyers and sellers will be hoping that the Reserve Bank keeps interest rates stable when they meet on Tuesday,” he said.