Sellers running out of luck
Auction prices show no signs of slowing, but one city's clearance rate continues to slide, according to results from the weekend.
The most recent auction results indicate that Sydney's clearance rates have now fallen below 60 per cent for three consecutive weekends and four out of the past five.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
The city posted a clearance rate of 57.5 per cent last weekend, compared to 65.4 per cent on the corresponding weekend last year, according to APM PriceFinder.
Sales fell 41.7 per cent to 369, with the median price for house sales up 11.3 per cent to $1.25 million and the median price for unit sales up 6 per cent to $807,000.
Melbourne’s clearance rate fell from 65.9 per cent last year to 65 per cent last weekend.
Sales decreased 22.4 per cent to 715, although the median house price increased 6.4 per cent to $850,000 and the median unit price increased 7.3 per cent to $545,000.
Brisbane posted a clearance rate of 44.3 per cent, with the 39 sales achieving a median price of $670,000.
Adelaide’s clearance rate reached 74.5 per cent, with 35 properties sold at a median price of $619,000.
Canberra recorded a clearance rate of 66.1 per cent after selling 37 homes at a median of $680,000.
Across Australia, the national clearance rate fell from 64.5 per cent last year to 61.8 per cent last weekend.
Sales jumped 28.4 per cent to 1,195, with the median house price up 1.2 per cent to $912,000 and the median unit price up 5.9 per cent to $646,000.
Melbourne agency Kay & Burton achieved the weekend’s best result, selling a four-bedroom Kew home for $4.65 million.
Sydney’s best result was achieved by BresicWhitney Darlinghurst, which sold a three-bedroom Redfern house for $3.62 million.
Brisbane agency Urban Property Agents sold a five-bedroom Paddington house for $2 million.
In Adelaide, Ouwens Casserly sold a five-bedroom Grange house for $1.38 million.
Canberra’s best result was achieved by Luton Properties Dickson, which sold a four-bedroom Braddon house for $1.25 million.