A surge in the number of properties put to auction this weekend failed to dent clearance rates.
Housing markets generally continuing to prove resilient despite ongoing media-fuelled negativity.
Auction listings surged at the weekend compared to the previous Saturday but remain well below the totals recorded at the same time last year.
Fewer choices for buyers may be helping to support clearance rates, but recent results in most markets have consolidated and with just a hint of a recovery now emerging – particularly in Sydney.
The Sydney property market recorded its best weekend clearance rate since early spring with Melbourne steady despite nearly 1,000 homes going under the hammer.
Brisbane however fell away with high listings but Adelaide again produced the top result and remains the nation’s strongest home auction market.
Canberra results are well down on the same time last year but sellers are still confident to engage the market in healthy numbers.
Auction markets have withstood most tests over the past month and will finish February in much better shape than many wrongly predicted.
from Property UpdateProperty Update https://propertyupdate.com.au/this-weekends-auction-results-dont-count-auction-markets-out-just-yet/
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