Modest improvement in clearance rates
The spring selling season may have started early in Sydney and Melbourne, with auction clearance rates improving in both cities.
In Sydney, 60.5 per cent of properties cleared at the weekend, well above the capital city's long-term average.
The most expensive property that sold at the weekend was a five bedroom $2.37 million house in the inner-west suburb of Strathfield, while the most affordable property to go under the hammer was a two bedroom, $227,000 unit in Wiley Park.
The story was much the same in Melbourne, with 57 per cent of properties clearing over the weekend, according to the Real Estate Institute of Victoria (REIV).
REIV chief executive officer Enzo Raimondo said interest rate cuts – if they come – could help all of the capital cities achieve higher clearance rates in the weeks and months ahead.
“Those looking to sell their home over spring will be hoping that speculation of an interest rate cut last week becomes a reality as it would boost buyer confidence just at the right time,” he said.
Adelaide and Brisbane both reported soft results, although each city saw slight improvements in clearance rates, up 3.5 per cent and 6.8 per cent, respectively.
Adelaide cleared 21.7 per cent of properties,while in Brisbane 25 per cent of properties sold under the hammer.