Auction activity shows signs of improvement

Auction results improved slightly across some capital cities over the weekend but are still noticeably weaker than this time last year.

According to Australian Property Monitors, Brisbane recorded the largest improvement in auction activity with a clearance rate of 32.1% compared with just 17.3% the previous week. This compared to a clearance rate of 55.4% for the same weekend last year.

The clearance rate also improved in Adelaide by a considerable 11.7% to 42.1%, while the clearance rate for Melbourne rose from 47.3% last week to 52.9%. Both markets remained down from 2007 by around 30%.

The nation’s largest property market, Sydney, failed to see any recovery – its clearance rate dropped 1.5% from the previous week to 41.6%.