Powered by MOMENTUM MEDIA
research
1 minute read

Auctions continue weak run

Auctions continue weak run

by webmaster | June 06, 2011 | 1 minute read

Auction activity remained lackluster at the weekend, the latest data from Australian Property Monitors has revealed.

by webmaster
June 06, 2011

In Sydney just 54.7 per cent of properties cleared at auction, compared to 63.9 per cent recorded for the same weekend last year.

The most expensive property to be sold in Sydney this weekend was a three bedroom, $3 million house in Five Dock, while the most affordable property to go under the hammer was a four bedroom house in Woodpark, which sold for $341,000.

The story in Melbourne was much the same.

Just 56.3 per cent of properties cleared at the weekend – down from 62.5 per cent recorded this weekend last year.

Advertisement
Advertisement

The Real Estate Institute of Victoria chief executive Enzo Raimondo said while the slowdown was largely expected, buyers and sellers would no doubt be hoping the market improves over the coming months.

“There is no doubt that most buyers and sellers will be hoping that the Reserve Bank keeps interest rates stable when they meet on Tuesday,” he said.

Auctions continue weak run
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.