Property auctions hold their ground

The steady decline of the major property auction market halted and even reversed slightly on the weekend, with clearance rates in Sydney and Melbourne both improving.

In Sydney, Australian Property Monitors data shows 54% of 242 properties up for auction were sold, up from 50% of 247 properties the previous weekend.

Brisbane’s auction market also managed to bounce back after a shocker last weekend, with 42% of 52 properties selling compared to 28% of 23 properties the week before.

Melbourne’s clearance rate remained steady on 64%, but the number of houses and flats on the selling block increased from 581 to 658, according to the Real Estate Institute of Victoria.

One city that did not to see an increase in the number of properties sold at auction was Adelaide. On the weekend 41% of 35 properties were sold in the city of churches, down from 45% of 27 properties the week before and still well behind the 71% clearance rate of a fortnight ago.

Read more on property clearance rates