Auctions suffer under winter chill
The winter chill has officially settled on the housing market, with auction clearance rates falling again this weekend.
In Sydney, the auction clearance rate was 58.6 per cent – a long way from the 70.9 per cent achieved this time last year.
The most expensive property sold over the weekend in the NSW capital city was a five bedroom house in Lane Cove, which went under the hammer for $2.67 million.
The cheapest property sold was a $130,000 three bedroom house in San Remo.
In Melbourne, the story was much the same, with auction clearance rate falling to just 57.4 per cent – a far cry from the 83.0 per cent recorded this time last year.
However, the clearance rate drop was totally unexpected in Melbourne, as a record 3,163 properties were put up for sale in June – twice as many as June last year.
“The clearance rate from [Saturday’s] auction clearly shows the impact of high stock levels throughout June,” REIV chief executive Enzo Raimondo said.