Bidders fail to bite at auction
Auctions in both Sydney and Melbourne once again failed to impress buyers, with the capital cities returning lacklustre results.
According to the latest data from Australian Property Monitors, just 52.8 per cent of properties cleared in Sydney over the weekend – compared to 72.4 per cent achieved this time last year.
And the story was much the same in Melbourne.
In the Victorian capital, just 60.5 per cent of properties were successfully sold under the hammer at the weekend – down from 79.6 per cent this time last year.
Real Estate Institute of Victoria chief executive Enzo Raimondo said it was interesting to note that demand was actually quite high in the inner southern suburbs of Melbourne, with the area recording higher than average clearance rates.
“The highest demand has been recorded in the inner southern suburbs where an auction clearance rate of 70 per cent has been recorded compared to 55 per cent in the northern and western suburbs,” he said.