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ISCOVER
Matthew Sullivan
The final significant week of auctions has come to end, with 2011 representing a year of subdued activity.
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Weekend auction results released by Australian Property Monitors (APM) found week-on-week and year-on-year auction activity was down across all capital cities.
In Sydney, there were 349 reported auctions with a final clearance rate of 50.1 per cent – down 1.4 per cent when compared to the previous week.
Much larger declines were recorded in Melbourne, with weekend auction results showing 237 reported auctions and a clearance rate of 45 per cent.
This is far cry from the 684 reported auctions last week, which recorded a final clearance rate of 52 per cent.
The Real Estate Institute of NSW (REINSW) said the auction market would remain subdued until February as buyers embrace the festive season.
"In the next few days leading up to Christmas there are around 90 auctions scheduled. This lull in auction activity typically lasts until the end of January while agents, buyers and vendors alike make the best of the festive season, school holidays, and warmer weather," REINSW chief executive Tim McKibbin said.
"To date the last quarter of 2011 has seen more than 8,500 properties put to auction, with an average of 56 per cent selling."
The Real Estate Institute of Victoria had a similar sentiment to their NSW peers, with only 40 auctions scheduled before the end of 2011.
"The number of auctions for 2011 looks likely to be just short of 29,000, with a clearance rate of 56 per cent," REIV chief executive Enzo Raimondo said.
"There have been 482 auctions reported this weekend of which 254 sold and 228 were passed in, 155 of those on a vendor's bid."
The most expensive property sold this was a five bedroom house in Kangaroo Point NSW, which sold for $2.75 million. While the most affordable home sold for the week, was a $205,000, three bedroom houses in Melton West, Victoria.
Auction activity in Adelaide and Brisbane struggled to top 30 per cent, with both capital cities recording a final clearance rate of just 26.3 per cent and 28.6 per cent, respectively.
