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ISCOVER
Staff Reporter
Auction clearance rates slumped again this week, with clearance activity falling in Sydney, Melbourne and Brisbane.
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According to figures from Australian Property Monitors, Sydney achieved a clearance rate of 53.8 per cent – down from 59.2 per cent recorded this time last week.
Brisbane also experienced a sluggish weekend in terms of property sales, with the capital city recording a clearance rate of just 27.4 per cent – markedly down on the 39 per cent achieved this time last weekend.
Melbourne dipped just below 50 per cent, after recording a clearance rate of 57.6 per cent last week.
Despite the weak result, Real Estate Institute of Victoria chief executive Enzo Raimondo said he wasn’t disappointed as the clearance activity was fairly consistent with what the capital city has delivered in the past.
“In light of the high volume of homes on offer this is a good result and shows that the market is performing consistently,” he said.
“There were 929 auctions reported to the REIV this weekend with 563 selling and 366 being passed in. Of those 210 were passed in on a vendor bid.
“The same weekend last year resulted in a clearance rate of 60 per cent from 808 auctions.”
