Sydney property auctions continue to slide
Rocketing real estate prices and higher interest rates are starting to affect attendance at property auctions as last weekend saw Sydney real estate clearance rates drop below 50 per cent in the auction rooms.
Buyer activity in the Melbourne real estate auctions resulted in a clearance rate off 55.6 which was virtually unmoved from the previous weekend's results of 55.4.
The figures released by the Australian Property Monitors show just how much the property market in Sydney, especially, had slowed when compared to the earlier part of the year; January saw a clearance rate of 81 per cent.
Real estate auctions account for less than a quarter of total sales across the Australian property market even so the results are seen as a general guide to the strength of the property market.
Buyers are more wary of making that extra bid on the property of their dreams mindful of the current economic environment; also supply has increased in recent months