The Australian Financial Review reports on latest property auction performance of the two capital cities and found that while rates fell for both locations, Melbourne posted a greater number of clearances than Sydney. Additionally, Sydney posted its third consecutive week of sub-60% clearance, and it’s lowest clearance rate (59.3%) since February of 2013.
The publication spoke to Louis Christopher, an analyst at Australian property advisory and forecasting company SQM Research, about what these findings could portend.
"We are going to see more of the 4 per cent than a 9 per cent,” he said.
While it may need to share the spotlight with Melbourne, it’s not all bad news for Sydney. The publication reports that total listings for the city are higher this year than last year, and Christopher notes that private treaty sales remain strong.
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