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ISCOVER
Staff Reporter
Auction clearance activity continues to hover around 50 per cent in Sydney and Melbourne, suggesting Australians are not presently in the market for property.
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According to the latest data from Australian Property Monitors, 54.3 per cent of properties cleared in Sydney over the weekend.
The most expensive property to go under the hammer was a $3.5 million, four bedroom house in Saratoga, the most affordable property sold in the capital city was a two bedroom townhouse in Macquarie fields.
In Melbourne, 48.1 per cent of properties cleared at auction – down from 69.4 per cent last weekend.
The Real Estate Institute of Victoria chief executive Enzo Raimondo said both home buyers and property professionals are now hoping the Reserve Bank cuts the cash rate at its November Board meeting.
“It has been twelve months since the Reserve Bank last increased interest rates. This Tuesday, buyers, sellers and mortgage holders will be hoping to see a cut to rates and if it occurs it will help encourage more buyers into the market, particularly in 2012,” he said.
“There were a total of 362 auctions reported this weekend of which 193 sold and 169 were passed in, 113 of those on a vendor's bid.
“The REIV expects around 595 auctions next weekend followed by 870 the weekend after.”
