Login
ISCOVER
The residential property market has lost some of its steam, according to data from Australian Property Monitors.
Clearance rates dropped in Sydney, Melbourne and Adelaide this weekend as fewer homes put up for auction found new owners.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Sydney recorded a clearance rate of 66.1 per cent, down from 69.5 per cent last weekend.
Just over 150 properties were sold for a total of $108.7 million.
A two bedroom unit in Mona Vale was the dearest property sold over the weekend, with a price tag of $3.3 million; a Fairfield two bedroom unit was the cheapest at $177,000.
In Melbourne, 233 properties were sold for a clearance rate of 73.7 per cent.
The capital city has had a great run over the past few months, regularly hitting clearance rates 80 per cent and above. But the total number of properties sold over the weekend was down 43 per cent from the week before.
Adelaide’s clearance rate was also markedly lower than the weekend prior.
Just over 20 properties were sold for a clearance rate of 63.2 per cent.
Brisbane was the only capital city to record an improvement in its clearance rate, achieving 60.9 per cent - up from 36.4 per cent last weekend.
