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Clearance rates at auction dipped very slightly on Saturday, compared to the weekend before, perhaps signaling a slow down towards Christmas.
According to Australian Property Monitors (APM), 54.0 per cent cleared in Sydney on Saturday, compared to 54.2 per cent the week before. This trend was repeated in Melbourne, at 59.2 per cent compared to 60.2 per cent the week prior.
The most expensive property was in Sydney's Strathfield, which went for $2,820,000 while the most affordable property came in at $142,000 (in Sydney's Woollahra). The median price of properties up for auction in Sydney was $946,000 (houses) and $600,000 (units), while in Melbourne this was seen at $615,000 (houses) and $465,000 (units).
Adelaide and Brisbane recorded a clearance rate of 46.3 and 34.0 per cent respectively, showing growth on previous results seen.
For detailed APM house price reports, visit www.homepriceguide.com.au
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.
Rates refer to a fixed price or an amount charged by sellers or providers for their goods and services.