House prices push average Australian’s wealth even higher in 2022
Despite worries of a housing downturn, Australians’ wealth actually increased 1.2 per cent on average in the first qua...
Buyers’ lack of confidence was reflected in the weekend’s auction clearance rates, which remained flat in most of the nation’s major cities.
In Sydney, clearance rates improved slightly, with 53.1 per cent of properties selling – up 0.2 per cent on the previous week – according to Australian Property Monitors.
However, the total number of properties sold increased by 58.2 per cent compared to last week’s less than stellar performance, with 186 homes going under the hammer.
Brisbane’s property market continues to struggle, with only 19 per cent of properties clearing at auction over the weekend.
Melbourne took the biggest hit as only 51.9 per cent of homes listed for auction sold – down 9 per cent on the previous week.
The standout performer was Adelaide, with auction clearance rates improving marginally and the clearance rate up 18.1 per cent on the previous week.
The most expensive property sold was in Sydney: a four bedroom home located in Gladesville NSW which went under the hammer for $2.34 million, while the most affordable property was a twin bedroom unit in The Entrance, NSW, which went for $215,000.
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.