Expert insightsBuyingSales volumes and clearance rates down in Melbourne and Sydney as auction buyers took Queen’s birthday weekend off
Sales volumes and clearance rates down in Melbourne and Sydney as auction buyers took Queen’s birthday weekend off
Jonathan ChancellorJune 11, 2012
Buyers absented themselves from the Queens Birthday long weekend auctions in the major capital cities.
Clearance rates in both Melbourne and Sydney fell despite the reduced offerings.Sydney agents secured a 50% clearance rate, down from 55% previous weekend, according to Australian Property Monitors.
There were just the 195 Sydney listings against last weekend’s 359, and next weekend its jumps back to about 420.
With just the 130 listings, Melbourne buyers were equally absent as the clearance rate dropped from 58% to 50%, according to the Real Estate Institute of Victoria.
The REIV expects 600 auctions for the next two weekends.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
