Auctions market remains flat as confidence wanes

The residential auctions market has remained flat as consumer confidence has continued to wane.

According to the Real Estate Institute of Victoria, Melbourne only recorded a clearance rate of 59%, compared to 61% last week and 56% this time last year. There were 586 auctions reported.

Australian Property Monitors has reported a slightly more disappointing result for Sydney, with a 56.9% clearance rate from 442 listings, while Adelaide and Brisbane recorded rates of 38.9% and 42.1% respectively.

This article first appeared on SmartCompany.

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