Final 2012 auction weekend ends in whimper
The final auction weekend for 2012 ended with not a bang but a whimper in the two major capital cities.
Sydney had about 550 auctions on Saturday, the last big auction day of the year with a 57.2% clearance rate which was slightly below the recent average, according to Australian Property Monitors.
The same weekend last year had a 50.9% clearance rate.
There are about 50 still scheduled for next Saturday.
Sydney's inner west district's 70% success rate was bettered at weekend auctions by the 73% secured by vendors in the Canterbury-Bankstown district.
In Melbourne Saturday's auction clearance rate was marginally below trend at 57% from its 777 auctions reported to the Real Estate Institute of Victoria. Post-auction negotiations might see a slight lift given a preparedness of buyers and sellers to clinch a deal pre-Christmas.
The Melbourne clearance rate for the spring auction season was 62% compared to 55% last year and 66% in 2010.
The bulk of remaining sales in 2012 will be by private treaty with the occasional twilight auctions.
Many agents believe the 2012 spring/summer sales results provide a solid platform for when auctions resume in February.
