Auction clearance rates remained fairly flat this weekend, with Sydney clearing 56.5 per cent of properties.
According to Australian Property Monitors, the capital city’s clearance rate was slightly above last weekend’s 51.1 per cent, but well down on the 78.7 per cent clearance rate achieved this time last year.
A four bedroom house inwas the most expensive property sold over the weekend, going under the hammer for $3.6 million.
The least expensive property was a studio apartment in Potts Point, which sold for $190,000.
The news in Melbourne was much the same, with the city achieving a clearance rate of 63.3 per cent, slightly better than the 62.1 per cent achieved last weekend, but down on the 81.4 per cent recorded this time last year.
Real Estate Institute of Victoria’s chief executive officer Enzo Raimondo said while auction activity remained relatively stable – surpassing 60 per cent most weekends – the number of properties being passed in at auction was relatively highby traditional standards.
“Last weekend’s comparably high number of passed-in auctions indicates that buyer behaviour is continuing to lean on the conservative side, while at the same time vendors may still hold unrealistic price expectations,” Mr Raimondo said.