Sydney property auctions slow down
Poor auction results have been recorded for property in Sydney last weekend as fewer buyers seem keen to make that winning bid.
Following a short period of relative stability, clearance rates for residential Sydney real estate fell to just over 52 per cent last weekend - a drop of 4 per cent on the previous weekend and 3 per cent lower than the same time in 2010.
The number of new properties listed at auction is also lower than this time last year suggesting that confidence among vendors is on the wane.
Property prices do appear to be steady despite falling sales; results reveal houses sold at auction averaged a price of $830,250 and $566,000 was the average price reached for units. In all a total of 131 properties were sold for a collective value of just over $94 million.
Most recent figures from Australian Property Monitors show that to date in 2011 the best price growth was recorded in northern beaches and north shore while properties in the eastern suburbs have fallen by more than 5 per cent over the last twelve months.