Auction clearance rates continue downward slide

Auction clearance rates across the nation continued their slow decline over the weekend, with a slight upturn in Sydney being overshadowed by falls elsewhere in Melbourne and Brisbane.

Just 54% of properties for sale by auction sold over the weekend, down from 57% the weekend before, as higher interest rates and increased uncertainty continue to drive prospective buyers away from auctions.

In the nation’s biggest auction market, Melbourne, 63% of properties available for auction were sold, down from 65% last weekend, according to Real Estate Institute of Victoria data.

Clearance rates also fell in Brisbane, with only 40% of the 41 properties available selling after a relatively strong 53% last weekend, according to Australian Property Monitors.

Sydney defied the trend by recording a 56% clearance rate, up from last weekend’s 49%. The number of properties on the market continued to fall, however – 203 properties compared to 270 and 294 over the last two weekends.

Adelaide also faired reasonably well, its 61% clearance rate up from 50% last weekend.