Weekend auctions show some steady resilience
The weekend auction market appears to have continued with some resilience.
Sydney’s auction clearance rate slipped to 62.2%, down from 65.3% on the previous weekend, according to Australian Property Monitors. It was 51.3% on the same weekend last year.
Melbourne's clearance rate was 69%, the Real Institute of Victoria said. It was the same as the 69% last weekend and better than the 54% this weekend last year.
Sydney's top sale at auction was again in Strathfield where a five-bedroom home in High Street sold for $2.027 million. The inner west secured the highest weekend cleareance rate of 86% from 21 auctions, followed by 80% in the Canterbury Bankstwon district which had just the five auctions.
Despite the slight dip, Dr Andrew Wilson at APM said the weekend auction season "was off to a flying start" with both Sydney and Melbourne recording solid auction clearance rates.
Melbourne's top sale was a Moule Avenue, Brighton house that had a $2.4 million vendor bid. It was met with a bid of $2.42 million but the property was passed in and sold after negotiations for $2.55 million.
