Home auction rates hit lowest in a year

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CLEARANCE rates in the major cities continued worsening at the weekend, with house sales significantly lower than the same time last year.

In Sydney and Melbourne, auctions hit a 52-week low of 49.8 per cent and 55.6 per cent respectively, according to Australian Property Monitors.

On the corresponding weekend last year, Sydney auctions cleared 70.5 per cent of homes and Melbourne’s clearance rate was a healthy 78 per cent, The Australian reported.

Rates were down too from last year’s figures in Brisbane, with just eight homes sold under the hammer, clearing 47.1 per cent of reported auctions, compared with 51.9 per cent last year.

Click here for the rest of the article (Source Adelaide Now Website)

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