Southern states defy auction rate gloom
Monday, 17 March 2008
Mike Preston
A horror weekend for homesellers in Brisbane led national auction clearing rates significantly lower over the weekend, but further south a rosier picture emerged.
Auction clearance rates in Brisbane tumbled to 24% as only 13 out of 50 properties sold, dramatically down from last weekend’s 44% rate and more than 50% this time last year.
A poor weekend in Sydney, where just 52% of properties sold, pushed the national auction clearance rate to a low 53%, according to data collected by Australian Property Monitors.
Vendors in Melbourne faired much better, however, with 67% of a record 1336 properties on the market being sold.
The result was an improvement on last weekend’s 66% clearance rate but is still about 10% below the rates achieved this time last year.
The small number of Adelaide homesellers on Saturday also faired well, with 70% of the 28 properties for sale being snapped up.
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