Auction clearance rates reveal sluggish property markets

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Sydney’s housing market has returned its poorest auction clearance rate for 18 months. Only 49% of properties sold over the weekend of July 10/11 which puts July’s overall result at a low 58%. Sydney’s clearance rates peaked in April at 75% with a steady decline since then but the trend in the other state capitals is worryingly similar.

According to Australian Property Monitors, Melbourne and Brisbane also recorded drops in clearance rates to 55% and 47% respectively. Adelaide also only managed to clear 47% of its properties at auction, compared with a healthy rate of almost 58%, on the same weekend last year. During the same weekend last year, over 70% of Sydney homes were sold at auction, 78% in Melbourne and almost 52% in Brisbane.