Auction activity continues to remain steady, with very little change recorded in all capital cities over the weekend, new data has found.
Auction figures released by Australian Property Monitors (APM) found that just over 52 per cent of properties in Sydney cleared over the weekend, this equates to a 1.2 per cent decrease from last weekend’s results.
The most expensive property sold over the weekend was a seven bedroom house in Tamarama NSW, which went under the hammer for $6.45 million.
While a one bedroom unit located in Waterloo, NSW took the title of the weekend’s most affordable property, selling for $180,000.
Real Estate Institute of NSW (REINSW) chief executive Tim McKibbin said the weekend auction results showed no significant change and were on par with previous year results.
“The first weekend of summer saw just over 900 auctions scheduled, a typical level of activity for this time of year,” Mr McKibbin said in a weekly Market Wrap.
REINSW data found 360 properties were reported sold and 297 passed in (33 of those on a vendor bid), giving a final auction clearance rate of 55 per cent.
The story was much the same in Melbourne, with more than 55 per cent of properties clearing over the weekend, according to APM research.
“For the fifth week in a row there has been no substantive change in the level of demand at auctions and we expect the current state of the market to continue till the end of the year,” Real Estate Institute of Victoria (REIV) chief executive Enzo Raimondo said.
Auction figures released by the REIV found there was a total of 683 auctions reported of which 374 sold and 309 passed in, 216 of those on a vendors bid. This equated to an auction clearance rate of 55 per cent.