Auction clearance rates continue to hold firm despite the worsening economic environment, although the number of properties going under the hammer has decreased significantly as falling interest rates make it easier for home owners to hold on to their properties.
Melbourne recorded a clearance rate of 74%, compared with 75% last week. Real Estate Institute of Victoria chief executive Enzo Raimondo said the clearance rate is an improvement on last year, but noted there were far fewer auctions for punters to attend.
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Last weekend saw 418 properties up for auction, compared with 1351 at the same time last year.
It’s a similar story in Sydney, where there were 172 properties up for auction, compared with 229 last year. The city’s clearance rate this weekend was 69%, just down from last week’s clearance rate of 71%.
Just 21 properties were up for auction in Brisbane, with a clearance rate of 23% recorded. Adelaide had 13 properties up for sale, with six sold for clearance rate of 46%.