Auction clearance activity remained relatively stable over the weekend, with Sydney clearing 69.4 per cent of properties.
According to Australian Property Monitors, the capital city’s clearance rate was up slightly on last weekend weekend’s 55.4 per cent, and relatively on par with the 67.5 per cent recorded this time last year.
A five bedroom house in Glebe was the most expensive property sold over the weekend, going under the hammer for $2.7 million.
The least expensive property was a three bedroom unit in Carramar, which sold for $231,000.
The news in Melbourne was much the same, with the city achieving a clearance rate of 56.3 per cent.
Real Estate Institute of Victoria chief executive officer Enzo Raimondo says this trend of average auction clearance rates will continue now until the election is over.
Analysis of auction sales figures by the REIV shows that, not unlike a public holiday or the AFL Grand Final, the federal election can affect auction activity.
In 2007 the federal election was held on the 24th of November, which, unlike this year, was the peak of the spring selling season.
In response to the election announcement, it is apparent that some vendors, in conjunction with the estate agents, shifted their auctions to the weeks before and after the election.
There were 897 auctions the fortnight before the election, and in the weekend previous to that, 1197. On election day, the numbers dropped to 689 before lifting again to 997 the weekend after.