Despite a slight uptick in buyer activity, auction clearance rates have continued to provide some subdued results.
According to data from Australian Property Monitors, 57.1 per cent of properties cleared in Sydney on the weekend, while the clearance rate struggled to tip 55 per cent in Melbourne.
In Sydney, the most expensive property sold over the weekend was a $2.6 million six bedroom house in Bondi, while a four bedroom house in Blackburn, Melbourne cleared just shy of $1.4 million.
Australian Property Monitors’ senior economist Andrew Wilson told Smart Property Investment that he expects the market to remain relatively flat over the coming weeks.
“While auction results have shown subdued activity over recent weeks, we are finding the results to be fairly similar to the same time last year,” he said.
“It is the quiet winter season at the moment so we expect subdued activity to continue at this time of the year.”
Only 38.9 per cent of properties cleared in Adelaide – down 27.8 per cent on the same time last year – while in Brisbane, 31.3 per cent of properties cleared over the weekend, up 11.3 per cent on the previous year.