news

Sunshine fails to warm up auction activity

By webmaster

The warm spring weather is doing little to entice potential home buyers to the property market.

According to Australian Property Monitors, auction clearance rates in Australia’s capital cities stayed well below long term averages.

In Melbourne, 59 per cent of properties cleared over the weekend – down from the 81 per cent achieved this time last year.

Real Estate Institute of Victoria chief executive Enzo Raimondo said the result, while not great, was consistent with the market's performance since the latest interest rate increase.

“There was a total of 893 auctions reported this weekend of which 531 sold and 362 were passed in, 234 of those on a vendors bid,” Mr Raimondo said.

But while there is a distinct lack of buyers in the market, there is surplus of properties for sale.

Mr Raimondo said he expected to see more than 1,000 properties up for sale in each of the next three weekends leading up to Christmas.

SunshineSunshine, NSW Sunshine, VIC fails to warm up auction activity
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%