news

Auctions continue weak run

By webmaster

Australia’s property market continues to underperform at auction, new data has revealed.

According to Australian Property Monitors, just 54.5 per cent of properties cleared in Sydney at the weekend – a far cry from the 65.5 per cent achieved this time last year.

And across the rest of the nation, the story was much worse.

In Adelaide, just 36.4 per cent of properties cleared at auction, while Brisbane managed to sell just eight per cent of its listed properties.

Melbourne achieved a slightly higher clearance rate of 62.4 per cent, but this is still a long way from the 72 per cent recorded on this weekend last year.

The most expensive property sold in the capital city over the weekend was a $3.375 million, five bedroom home in Elwood.

The most affordable home to go under the hammer in the city at the weekend was a $240,000 one bedroom unit in Bundoora.

But despite the capital city’s low clearance rate, the Real Estate Institute of Victoria’s chief executive Enzo Raimondo remains optimistic.

“Demand for homes at this weekend's residential auctions remained consistent with results over the past three months and conditions will continue to favor buyers over the remainder of May due to the high number of listings,” he said.

Auctions continue weak run
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%