Auctions miss the mark
Buyers in Sydney and Melbourne once again held the upper hand, with clearance rates failing to top 60 per cent in both capital cities.
Sydney recorded a clearance rate of 56.7 per cent – significantly down on the 71.4 per cent achieved this time last year, according to Australian Property Monitors.
And the story was much the same in Melbourne, with the capital city clearing 59.7 per cent of all properties, down from 78.6 per cent last year.
Real Estate Institute of Victoria Enzo Raimondo said Melbourne's result was not a one off event.
Looking at the first quarter of the year, the average auction clearance rate is a long way off previous years, he said.
“The first quarter of auctions this year has now been completed. The year to date clearance rate is 63 per cent compared to 86 per cent at the end of the first quarter of 2010 and 74 per cent in 2009,” Mr Raimondo said.
“The financial turnover in the residential market is 17.5 per cent below last year and 48 per cent above 2009. Of suburbs that have seen more than 20 auctions this year the highest clearance rate is in Malvern at 93 per cent, followed by Epping at 91 per cent and Moorabbin at 86 per cent.”