From $9.95tn to $9.8tn: CoreLogic shows market is cooling
Half of Australia’s capital cities saw values decline in the months leading up to July, according to CoreLogic’s Mon...
The nation’s auctions failed to provide any excitement over the weekend, with all states recording less than stellar activity.
In Sydney, just 53.9 per cent of properties cleared over the weekend – substantially down on the 71.4 per cent achieved this time last year, according to Australian Property Monitors.
The most expensive property sold in the capital city over the weekend was a five bedroom house in Connells Point, which went under the hammer for $2.35 million. The cheapest property sold was a $200,000 three bedroom home in Emerton.
In Melbourne, the story was much the same.
Just over 50 per cent of properties cleared at auction over the weekend – a far cry from the 78.4 per cent achieved this time last year.
Real Estate Institute of Victoria chief Executive Enzo Raimondo said the capital city’s auction clearance activity rate was also down on its 2011 average.
“The clearance rate from this weekend’s residential auctions is 57 per cent which is 5 per cent less than the year to date clearance rate of 62 per cent,” he said.
“The number homes on the market have reduced since Easter and it is apparent from this weekend’s result that the number of active buyers has as well.”
An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.