Sydney auctions bounce back: Economy roundup

Auction clearance rates in Sydney lifted over the weekend, reversing its downward slide of recent months.

Enough Sydney home buyers put their hands up at auctions over the weekend to result in an auction clearance rate of 56% on 196 properties, up from 51% on 241 properties the previous weekend, according to Australian Property Monitors.

By contrast, Real Estate Institute of Victoria figures show auction clearance rates went backwards in Melbourne, with 63% of 560 properties selling this weekend compared to 65% of 633 properties the previous weekend.

In Adelaide 71% of 26 properties sold, up from 69% the previous weekend, while in Brisbane the clearance rate jumped from 20% to 36% on the back of a fall in the number of properties for sale from 43 to 34.

Looking to the broader economy, the strong Australian dollar helped push the value of merchandise imported into Australia in April up almost $700 million, or 4%, on the previous month to just under $17.5 billion in original terms.

And on the markets today, at 12.30pm the S&P/ASX200 is up 0.5% on Friday’s close to 5961.5, thanks primarily to support for the resources sector.