Subdued auction clearance activity this weekend suggests the property market will end with a fizzle this year.
According to the latest data from Australian Property Monitors, just over 50 per cent of properties cleared in both Sydney and Melbourne over the weekend.
In Sydney, 50.6 per cent of properties cleared – down from the 69.4 per cent achieved this time last year.
The most expensive property to go under the hammer in the capital city this weekend was a five bedroom house in Strathfield, which sold for $1.7 million; while the cheapest was a $205,200 three bedroom house in Lethbridge Park.
The story of woe was much the same in Melbourne, with just 52.6 per cent of properties clearing – significantly down on the 77.2 per cent cleared this time last year.
Of the 648 properties listed for auction at the weekend, just 167 were sold under the hammer.
Real Estate Institute of Victoria chief executive officer Enzo Raimondo said while the capital city had seen a record of homes listed for auction in the last few weeks, Melbourne had not enjoyed a record number of sales.
“The last five weeks has seen a record number of homes offered at auction, with an average of 1040 auctions a weekend with 3059 in total selling worth $2.25 billion. REIV Members do not think that these high stock levels at auction will continue next year,” he said.
“At the same time this means that around 2000 homes were passed in. This will provide buyers with good opportunities over the next few weeks.”