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Australia's auction clearance rates slide

Date : (News Section: Australia)

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Australia's auction clearance rates slide
The rate at which homes are sold at auction in Australia declined across the country in June compared to May.

According to figures from Australian Property Monitors, the national clearance rate fell from 53 per cent in May to 50 per cent in June this year.

Adelaide experienced the biggest monthly decline, dropping from 43 per cent to 35 per cent during this period.

Meanwhile, the Australian newspaper highlighted week-on-week falls in the number of properties sold at auction at the beginning of August, citing data from the same organisation.

In Sydney, the clearance rate fell from 64.9 per cent in the week commencing July 30th to 59.4 per cent during the following seven days.

Commenting on the figures, national president of the Real Estate Institute of Australia Pamela Bennett told the news provider that the country's strong economy means small declines in Australian housing sales are not overly concerning.

"There will be a measured improvement in the market because those strong economic indicators will show through," she asserted.
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Article by +Steve Binge on behalf of Propertyshowrooms.com

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