Auctions hit bump, clearance rates drop in capital cities

Properties sold under the hammer in Sydney barely hit the 80% mark, finishing at 80.1% across 741 auctions, down from last weekend’s results of 80.6%, according to Australia Property Monitors. Melbourne finished at 70.3%, down from the previous week of 73.3%.

Despite these numbers, Sydney has still reached the 80% mark for 18th weekend in a 20 week span. The enormous number of properties sold under the hammer for this month may have also attributed to the drop, as 3,062 properties were up for auction, way ahead of last year’s 2,148. What’s interesting to note as well is the fact that the most expensive property was sold in Sydney, at $6.45 million, as well as the most affordable at $200,000.

Sydney and Melbourne have not met expectations for the first time in a long time. Has it reached its peak in the auction markets? Or are our expectations just too high?

Read more about this on the Real Estate Business website.