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Clearance rate lowest for the year, Sydney

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Sydney’s auction clearance rate dropped to its lowest this year, according to Australian Property Monitors.

The clearance rate was reported at 50.5 per cent over the weekend, the lowest recorded in 2011, despite last week’s interest rate cut.

There were 437 reported auctions, of which 66 withdrew. The initial listing of 635 properties was higher than the same weekend in 2010.

Property prices ranged from $210,500 (Carramar) to $2.5 million (Blakehurst).

The Real Estate Institute of Victoria reported that fifty-five per cent of properties for auction cleared in Melbourne.

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