Auction activity freezes

By webmaster 11 July 2011 | 1 minute read

The winter chill is having a negative impact on Australian home buyers, with auction clearance rates falling below 50 per cent in some states.

In Melbourne, just 47.9 per cent of properties cleared over the weekend – a far cry from the 61.2 per cent recorded this time last year.

And the story was just as grim in Brisbane, where just 23.1 per cent of properties sold under the hammer.

Of the 13 properties listed for auction, just 3 managed to sell at the weekend.

The news was a little better in Sydney, with the capital city recording a clearance rate of 52.8 per cent.

A $1.4 million, four bedroom house in the Sydney suburb of Turramurra was the most expensive property sold over the weekend, while the most affordable property sold in the capital city was a $250,000, two bedroom unit in Cabramatta.

Auction activity freezes
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