Powered by MOMENTUM MEDIA
research
1 minute read

Auction Activity Stalls - May 2011

Auction Activity Stalls - May 2011

by webmaster | May 02, 2011 | 1 minute read

The nation’s auctions failed to provide any excitement over the weekend, with all states recording less than stellar activity.

by webmaster
May 02, 2011

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.

Advertisement
Advertisement

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.”

Auction Activity Stalls - May 2011
default
spi logo
share the article

Subscribe to get the latest news and updates - join a community of over 80,000 property investors.

Check this box to receive podcast updates

From the web

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.