Weak performance for weekend auctions

According to Australian Property Monitors (APM), 60.8 per cent of the 555 properties listed for auction in Melbourne on the weekend cleared, compared to 79.1 per cent on the same day last year.

In Sydney the result was similar with 61.3 per cent of auctioned properties clearing, down from the 73.7 per cent on the corresponding weekend in 2009.

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In the north activity remained especially weak with only 22.6 per cent of just 47 properties at auction clearing in Brisbane compared to 47.6 per cent last year.

The most expensive property to sell on the weekend was in Sydney's Malvern East where a four bedroom home was sold under the hammer for $3.45 million

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