Auction clearance rates fall across capitals
Despite a slight increase to home buyer confidence in recent weeks, auction clearance rates fell across all major capital cities over the weekend.
Auction figures released by Australian Property Monitors found clearance rates in Brisbane fell by 35.5 per cent over the weekend, with the capital city recording a clearance rate of just 12.5 per cent.
The story was much the same in Melbourne, with auction clearance rates falling 10.3 per cent to 47.4 per cent.
The Real Estate Intitute of Victoria (REIV) reported a 53 per cent clearance rate in Melbourne on the weekend.
Enzo Raimondo, REIV's CEO, said the auction market "has been typified by consistently moderate levels of demand this year and this weekend [was] no different."
"There have been a total of 668 auctions this weekend of which 352 sold and 316 were passed in, 204 of those on a vendors bid.
"Next weekend the REIV expects around 1045 auctions."
Despite the sharp falls in both Brisbane and Melbourne, clearance rates in Sydney and Adelaide remained relatively stable with 52.4 per cent and 34.5 per cent of properties selling, respectively, over the weekend.
A three bedroom house located in Annandale, in Sydney's inner west, took the title as most expensive property sold over the weekend, selling for in excess of $2.4 million. The most affordable home was three bedroom villa in St Marys, in Sydney's outer west, which sold for $241,000.
The Real Estate Institute of NSW (REINSW) reported a Sydney clearance rate of 58 per cent for the weekend, with 372 properties selling and 268 passing in (33 of those on a vendor bid).
"Clearance rates over the previous six weeks have been steady between 55 and 60 per cent, a stronger result than the same period last year when rates were between 45 and 55 per cent," said REINSW CEO Tim McKibbin.