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Auction activity picked up slightly at the weekend led by Sydney where the clearance rate topped 60 per cent, according to Australian Property Monitors.
In the New South Wales capital, 61.1 per cent of properties listed for auction cleared – marginally better than the 57.6 per cent achieved last weekend.
The most expensive property sold at the weekend was a five bedroom house in Artarmon, which went under the hammer for $2.6 million. The cheapest property to sell was a three bedroom unit in Harris Park, which sold for $330,000.
In Melbourne just under 60 per cent of the properties listed for auction cleared – 59.1 per cent – slightly higher than the 54.5 per cent recorded last week.
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.