Auction activity stagnates
Auction clearance activity has continued its uninspiring run, with less than 60 per cent of properties selling at auction in Sydney and Melbourne.
According to the latest data from Australian Property Monitors, just 58.9 per cent of properties sold under the hammer in Sydney over the weekend.
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The most expensive property sold at auction in the capital city this weekend was a $1.5 million, four bedroom house in Hurstville.
The most affordable property was a three bedroom house in San Remo, which went under the hammer for just $175,000.
In Melbourne, the story was much the same, with less than 60 per cent of properties clearing at auction.
According to the data, 58.7 per cent of properties cleared over the weekend – marginally up on last weeks result of 55.7 per cent.
While the improvement in auction clearance activity was marginal, Real Estate Institute of Victoria chief executive Enzo Raimondo said it was impressive.
“The increase in the clearance rate today is a positive sign that confidence in the residential market may be starting to improve,” he said.
“If the next interest rate movement is a reduction, as is speculated, and that is actually passed on by the retail banks to borrowers it may further increase activity over winter.”
