Property auctions show poor results

New data from Australian Property Monitors has revealed that overall property auctions did not perform well this weekend.

It seems that only 60.3 per cent of properties offered for auction in Sydney over the weekend, actually achieved a sale – slightly higher than the 56.4 per cent recorded this time last week.

In Adelaide and Brisbane the results were much the same.

A mere 32.1 per cent of properties offered for sale via an auction in Adelaide this weekend, achieved a sale, while Brisbane auctions sold 34.0 per cent of properties offered.

The most expensive property to go under the hammer this weekend was a $4.9 million, four bedroom house in Paddington.

In Melbourne, the high end market has failed to perform strongly over the last few months – which could be an indication of things to come,  according to Real Estate Institute of Victoria chief executive Enzo Raimondo.

The demand and clearance rates seen in Melbourne over the past fortnight are probably a good indication of what we can expect this winter. While home loans are a little cheaper than they were this time last year and property prices are a little lower, the demand is not as strong as it could be.

“Next weekend 1,050 are expected. The following weekend has only 40 auctions scheduled due to Easter.”

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