Auction clearance rates improved in Sydney and Melbourne over the weekend, lifting vendor spirit for the coming weeks.
In Sydney, 59.0 per cent of properties cleared at the weekend – marginally above the 58.0 per cent recorded this time last week.
The most expensive property to go under the hammer in the capital city was a four bedroom house in Willoughby, which sold for $1.7 million.
The most affordable property sold in the capital city was a four bedroom home in Blacktown, which brought down the hammer at $275,000.
The story was much the same in Melbourne, with 54.1 per cent of properties clearing on Saturday.
While the result is a far cry from the 73 per cent recorded this time last year, the Real Estate Institute of Victoria chief executive Enzo Raimondo said the overall outcome was pleasing.
“This weekend’s result is consistent with the past three months in which the monthly clearance rate has been 55 per cent,” he said.
“There were a total of 436 auction results reported this weekend of which 260 sold and 176 were passed in, 114 of those on a vendors bid”
Moreover, auction results in both Adelaide and Brisbane continue to underperform with the only 27.3 per cent and 18.2 per cent respectively being sold under the hammer.