Sydney and Melbourne auctions show signs of life

The Sydney auction results from the weekend were a slight improvement on the week before, with 49.8% of 344 properties put up for auction sold, up from 45% of just 146 properties put up for auction on the first weekend in October 2008.

However the results were still down on the results for the same weekend last year when 65% of 323 properties sold at auction in Sydney.

The Melbourne market was stronger with 49% of 589 properties put up for auction selling on Saturday, compared to 59% of 492 properties the week before. The Melbourne market is still well down on last year's results for the same weekend when 79% of 737 properties sold. There was just 11 successful auctions in Brisbane on the weekend.