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Auction clearance results failed to show any glimmer of improvement over the weekend, remaining relatively flat in Sydney and Melbourne, and falling significantly in Brisbane, the latest data shows.
According to Australian Property Monitors, Sydney and Melbourne markets remained weak, with auction clearance rates of 59.0 and 63.2 per cent respectively. The weekend prior, Sydney and Melbourne had cleared 64.0 and 63.6 per cent of properties respectively.
Meanwhile, Brisbane suffered a significant hit with auctions falling from a clearance rate of 31.6 per cent last week to a meagre 5.6 per cent on Saturday.
In Sydney, the dearest property sold on the weekend was a three bedroom house in Strathfield, in the city's inner west, which went under the hammer for $1.825 million, while the cheapest was a 3 bedroom townhouse in Gosford which sold for $241,000.
The most expensive property sold in Melbourne was a five bedroom house in Noble Park at $206,500., which went for $2.285 million, while the cheapest was a one bedroom unit in
A flat is a term used to describe an apartment or a self-contained housing unit that occupies a small part of a large building.