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Auction activity slumps

By webmaster
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Auction activity across Australia was subdued over the weekend, new data from Australian Property Monitors has revealed.

According to APM, just 60.3 per cent of properties cleared in Sydney over the weekend – slightly higher than the 56.4 per cent recorded this time last week.

In Adelaide and Brisbane the story was much the same.

Adelaide managed to clear just 32.1 per cent of properties, while Brisbane cleared 34.0 per cent.

But while the market is yet to spring to life in 2012, the news isn’t all bad, with high end properties still proving attractive at auction.

The most expensive property to go under the hammer this weekend was a $4.9 million, four bedroom house in Paddington.

In Melbourne, the high end market has failed to perform strongly over the last few months – which could be an indication of things to come,  according to Real Estate Institute of Victoria chief executive Enzo Raimondo.

“The level of demand this weekend is consistent with the performance of the market over the last two months and provides an indication about how it will perform over the winter months,” Mr Raimondo said.

“Next weekend 1,050 are expected. The following weekend has only 40 auctions scheduled due to Easter.”

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