Heavy rain kept potential property buyers away from Sydney’s auctions over the weekend with the New South Wales capital failing to shift much more than half of listed properties.
Just 55.2 per cent of properties cleared in Sydney over the weekend, compared to 69.7 per cent for the same weekend last year, according to Australian Property Monitors.
Auction activity in Melbourne was also uninspiring, with 61.8 per cent of properties listed for auction selling.
The most expensive property sold in Sydney over the weekend was a three bedroom unit in Manly, which went under the hammer for $2.5 million.
The least expensive property sold was a two bedroom unit in Blacktown, which sold for $236,000.
Real Estate Institute of Victoria chief executive Enzo Raimondo said the clearance rate was likely to fall further over the next couple of weeks.
“There were a total of 889 auctions reported this weekend, of which a total of 550 sold and 339 were passed in,” he said.
“As is traditionally the case, the number of auctions is lower after Easter with 560 expected on the last weekend of April and just over 600 in the first weekend of May.”