This weekend’s auction clearance rates continue to reflect an overall slowdown in our major capital city property markets, with relatively weak results across the board.
According to the Australian Property Monitors’ Home Price Guide, Sydneyoutperformed the other major capital cities this weekend, with a clearance rate of 67% after 170 out of a possible 238 dwellings sold at auction.
Melbourne came a close second, with 110 out of 173 properties on the auction market selling, giving a 63% clearance rate, while Adelaide achieved 55% after 6 out of 11 properties sold at auction.
Brisbane was once again the worst performer this weekend, with a clearance rate of 23% after only 7 properties out of the 26 that were up for auction selling.
While some may be concerned by the continuing trend of a property market slowdown across all of our major cities, smart investors recognise that this is actually a time of opportunity rather than trepidation.
During this stage of the cycle we generally see vendors who are more than willing to negotiate and a lull in buyer activity, creating an excellent property investment environment.
Additionally, it means interest rates will almost certainly remain on hold for the next few months, at least until the next round of CPI figures in November.
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