Auction clearance rates sunk even further over the weekend, with Sydney clearing just 49.8 per cent of properties.
According to Australian Property Monitors, the capital city’s clearance rate was down on last weekend’s 56.7 per cent, and well down on the 70.5 per cent recorded this time last year.
A five bedroom house inwas the most expensive property sold over the weekend, going under the hammer for $1.875 million.
The least expensive property was a two bedroom unit in Gymea, which sold for $399,000.
The news in Melbourne wasn’t much brighter, with the city achieving a clearance rate of 55.6 per cent – well down on the 78.0 per cent recorded this time last year.
But it seems the news isn’t all bad.
While clearance rates have dropped significantly in recent weeks, the real estate Institute of Victoria’s chief executive officer Enzo Raimondo said the amount of properties up for sale had steadily grown.
“This trend indicates that the residential market is much more balanced, with purchasers less likely to be confronted with homes selling for unexpected prices; the best conditions buyer’s have seen in the last 18 months,” he said.