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The number of properties listed for auction increased substantially over the weekend, however clearance rates remained relatively subdued across all major capital cities.
According to Australian Property Monitors (APM), 314 properties were listed for auction in Sydney over the weekend – up by 162 on the previous week, with a clearance rate of 55.4 per cent.
In Melbourne, listings increased by 90 homes, with 108 properties presented for auction over the weekend. Melbourne’s clearance rate also improved week-on-week, with 59.3 per cent of properties selling under the hammer – up 14.9 per cent.
The most expensive property sold was a four bedroom house located in Mosman NSW, which went under the hammer for in excess of $3 million, while a two bedroom unit in Leura NSW claimed the title as the weekend's most affordably property, selling for $225,000.
Real Estate Institute of Victoria (REIV) chief executive Enzo Raimondo said the Reserve Bank’s decision to keep interest rates on hold for the eleventh consecutive month has done little to spur on buyer confidence.
“Buyers, owners and sellers may have welcomed the decision by the Reserve Bank to keep interest rates stable this week but it was not reflected in an improvement in buyers confidence or the clearance rate this weekend,” Mr Enzo said.
“Next weekend the REIV expects 720 auctions to be held.”
Auction clearance rates in Adelaide and Brisbane were also flat on the weekend, with only 38.9 per cent and 23.1 per cent of properties clearing, respectively.