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Auctions yet to deliver

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Auction clearance rates remain at around 60 per cent in Sydney and Melbourne, suggesting that the spring selling season is yet to peak.

According to the latest data from Australian Property Monitors, 56.3 per cent of properties sold in Sydney at the weekend.

The most expensive property sold in the capital city at the weekend was a $3 million five bedroom house in Strathfield, while the most affordable property to go under the hammer was a $290,000, two bedroom unit in Fairfield.

In Melbourne, the auction clearance rate was a little better, with 60.5 per cent of the 825 properties clearing.

But despite the solid result, the Real Estate Institute of Victoria’s chief executive Enzo Raimondo said the auction result was still a long way off what was achieved this time last year.

“The clearance rate this weekend last year was 67 per cent. It's important to note that the number of auctions was also higher last year with 1,127 homes offered for sale,” he said.

“Next weekend 445 auctions are expected, a lower number than this weekend due to the Melbourne Cup being raced on the following Tuesday.”

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