Melbourne clearance rates dip

Australian property auction clearance rates are heading towards the customary lull of winter according to recent results. Clearance rates for Melbourne real estate dipped to the mid 50’s during last weekend’s auctions, slightly higher than the same weekend a year ago but 3 per cent lower than the previous weekend. Also there was a significant drop in the number of auctions held when compared to the number from a year ago. Residential real estate auctions always tail off during July and with customer sentiment at a low ebb clearance rates in the city are expected to fall further in the weeks ahead. Of the 331 auctions held in Melbourne last weekend the highest bid was reached on a five bedroom house in Mt Waverley at $1,532,000. Greater success was had over in the Sydney real estate auction circuit where the clearance rate increased to more than 56 per cent from the previous weekend’s level of 54.7 per cent