WINTER auction action heated up at the weekend after a record number of properties were put up for sale.
Seasonal stock levels were at their highest since 2003, with 942 auctions and another 449 private sales. But the clearance rate was at its lowest since February 2009, slipping to 68 per cent, in a reflection of the changing market conditions.
With a greater range of properties on offer, buyers are being more selective, resulting in some mixed results, particularly in the upper levels of the market.
Out of 147 million-dollar properties up for auction at the weekend, only 78 sold, generating a clearance rate of 53 per cent.