Auction clearance rates stabalise despite Wall Street turmoil

The news was all bad from Wall Street last week, but more pleasant spring weather here ensured home buyers headed out and hunted for a bargain at auctions on the weekend. As a result, clearance rates stayed relatively stable.

The news was all bad from Wall Street last week, but more pleasant spring weather here ensured home buyers headed out and hunted for a bargain at auctions on the weekend. As a result, clearance rates stayed relatively stable.

While the clearance rate in Sydney climbed 14.3% last week to 59%, the rate sank slightly this week to 53% with total sales amounting to over $90 million from 119 properties sold.

Enjoying a second consecutive week of warmer weather, Melbourne’s rates stayed steady, dropping just two points to a 66% clearance rate. The number of properties sold was up to 647 from last week’s 539, but is still down from last year’s 934 at the same time.

Brisbane saw the largest rise, jumping from last week’s dismal 19% to 52% with 15 properties sold. Adelaide suffered a second consecutive drop from 38% to 35%, with just seven properties under the hammer.

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