Auctions fail to excite buyers

By webmaster 04 October 2011 | 1 minute read

The long weekend did little to stimulate buyer activity in Sydney, with just 56.9 per cent of properties clearing at auction, according to Australian Property Monitors

The most expensive property to go under the hammer in the capital city was a $1.7 million, three bedroom house in Malabar, while the most affordable property sold was a studio in Darlinghurst, which went for $300,000.

The story in Melbourne was much the same with 44.4 per cent of properties clearing at auction.

This is a far cry from the 68.5 per cent achieved this time last year.

Even more disappointing was the number of properties listed for auction.

According to the Real Estate Institute of Victoria, just 47 properties were listed for auction, in comparison to the 696 properties listed this time last year.

The lack of auction activity in Melbourne did not come as a surprise given that it was the AFL grand final.

Auctions fail to excite buyers
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