The first weekend of spring has shed little light on the direction of the residential property market, with auctions in Sydney and Melbourne failing to impress potential buyers.
According to the latest data from Australian Property Monitors, 54.8 per cent of properties cleared in Sydney over the weekend – marginally above the 54.1 per cent recorded this time last week.
The most expensive property to go under the hammer in the capital city was an eight bedroom house in Coogee, which sold for $1.995 million.
The most affordable property sold in Sydney was a two bedroom house in Wyongah, which sold for $212,500.
In Melbourne, 50.8 per cent of properties cleared over the weekend – substantially down on the 61.1 per cent achieved this time last week.
But the disappointing results come as no surprise to industry commentators, with many expecting the traditionally hot spring selling season to run a little cold this year.
APM’s senior economist Andrew Wilson said selling activity would fail to ignite over the spring months.
“People are wanting to see if prices come down further, so I think they will continue to sit on their hands – at least for a little while.”