20 May 2010

Property sellers flood the market as auction clearance rate weakens

Sellers in Melbourne have rushed in to offer an impressive 1,034 properties up for auction, even as auction rates start to ease.

The latest auction numbers from RP Data showed that only 68.8% were cleared at the auctions held during the week ending 30 May. This was a sharp decline from the mid-80s clearance rate recorded just two months ago.

Sydney’s auction clearance rate also eased to 62.1%, compared to a clearance rate in the high-70s recorded eight weeks ago.

Brisbane also recorded a large number of properties listed for auction, but only achieved a 30.9% clearance rate.

City

Clearance Rate

Total Auctions

RP Data Auction Results

Sold Prior to Auction

Sold at Auction

Sold after Auction

Passed in

Withdrawn

Adelaide

63.5% 75 63 10 28 2 22 1

Brisbane

30.9% 157 136 20 16 6 83 11

Canberra

77.3% 44 22 1 15 1 5 0

Melbourne

68.8% 1034 881 116 468 22 263 12

Perth

37.1% 39 35 3 8 2 20 2

Sydney

62.1% 742 642 104 281 14 178 65

Tasmania

27.3% 17 11 2 1 0 7 1

Northern Territory

0.0% 6 6 0 0 0 5 1

©Your Mortgage and has been republished with permission.

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