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Sales data from the weekend just passed indicates that the first spring auctions failed to deliver a significant boost to Australia’s largest markets.
The national auction clearance rate improved by one per cent to 75 per cent over the weekend, according to data from Australian Property Monitors.
Sydney’s clearance rate was recorded at 75 per cent, a 1 per cent increase on the previous result and a two per cent improvement on the weekend prior to that.
Sydney’s median sale price on the weekend was $1.15 million, up from $1.1 million.
Melbourne’s clearance rate was recorded at 76 per cent, down three per cent from the previous weekend.
Melbourne’s median sales price on the weekend was $802,000, up from $797,500 the previous weekend.
The two other cities included in the data, Adelaide and Brisbane, recorded contrasting performances.
Brisbane recorded a clearance rate of 49 per cent, down from 53 per cent.
The median sale price for the weekend in Brisbane wasn't far behind Melbourne, at $769,000.
That price, calculated on 22 reported sales compared to Melbourne’s 550, was up from the previous weekend’s $670,000.
Adelaide recorded a clearance rate of 70 per cent, a nine per cent improvement over the previous weekend’s result.
Adelaide’s median auction price on the weekend was $621,000, based on 21 sales, well up on its previous figure of $475,000.
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.
Rates refer to a fixed price or an amount charged by sellers or providers for their goods and services.