Auctions Fail To Perform!

The RBA’s latest rate hike significantly dampened home buyer spirit over the weekend.

Data from Australia Property Monitors found just 7.1 per cent of properties cleared in Brisbane over the weekend – significantly down on the 38.2 per cent achieved this time last week.

The news was just as sour in Melbourne, Adelaide and Sydney.

In Sydney 53.8 per cent of properties cleared – down from the 67.4 per cent achieved this time last year.

The dearest property sold in the capital city over the weekend was a three bedroom house in Newtown, which went under the hammer for a cool $13.9 million.

The cheapest property sold was a one bedroom unit in Fairfield which went under the hammer for $135,000.

Source: Real Estate Business Bulletin

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