Auction activity remains flat

By webmaster 07 November 2011 | 1 minute read

Auction activity continues to remain relatively weak, with clearance rates in Sydney and Melbourne just tipping 50 per cent.

In Sydney, 55.3 per cent of properties cleared at the weekend, according to Australian Property Monitors.

The most expensive property sold in the capital city over the weekend was a four bedroom house in Bronte, in Sydney's eastern suburbs, which went under the hammer for $2.056 million.

At the other end of the spectrum, the most affordable property sold was a three bedroom, $280,500 house in the outer Sydney suburb of Plumpton.

Melbourne achieved similar results, with the auction clearance rate sitting at 54.7 per cent.

Despite the spate of flat auction activity, the Real Estate Institute of Victoria (REIV) remains confident that this trend will be short lived, with the number of sellers set to soar over the coming weeks.

According to the latest sales data from the REIV, stock levels will continue to increase over the next few weekends with around 2,600 auctions scheduled between now and the end of November in Melbourne alone.

In Adelaide, auction activity remains weak with only 36.4 per cent of properties sold under the hammer, while clearance rates in Brisbane are much the same with only 36.8 per cent of properties clearing at the weekend.

Auction activity remains flat
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