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Auction activity warms up

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Weekend auction activity is slowly gaining momentum but clearance rates remain down on this time last year.

Figures from Australian Property Monitors showed 65 per cent of the 622 properties listed for auction in Sydney cleared over the weekend – up from a clearance rate of 60.3 per cent the week before.

In Melbourne, the clearance rate slipped slightly to 65.2 per cent, from 70.1 per cent the weekend prior, however 952 properties were up for grabs compared to 707 the week before.

On the same weekend in 2010, Sydney and Melbourne recorded clearance rates of 75.3 and 78.6 per cent respecitively.

Further north, 28.6 per cent of properties listed for auction cleared in Brisbane while in Adelaide 40.7 per cent of properties shifted.

The most expensive deal of the weekend was in Melbourne’s Malvern East, where a four bedroom house sold for $3.15 million.

Melbourne also recorded the cheapest sale; a two bedroom apartment in Noble Park sold for $240,000.

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