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Sunday 24

February, 2019 8:36 AM



Australian auction clearances below 50%

Australian auction clearances below 50%

Auction rates failed to clear the 50 per cent mark in Melbourne and Sydney on Saturday in the first big test of property sales under the hammer in 2019.

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By AAP 04.02.2019 02:25 PM

More than 50 per cent of homes put up for auction across Australia failed to sell on the first major Saturday of the year, according to preliminary results from the weekend.

Domain data indicated 44.4 per cent of properties were sold under the hammer in the country's capitals on Saturday based on the results of 216 auctions, with another 141 not yet reported.

A Domain tally from the same period last year, which featured the results from 474 auctions, produced a clearance rate of 57.1 per cent.

Only 48.8 per cent of homes taken to auction in Sydney sold, based on the confirmed results of 64 auctions monitored by Domain, while results for another 46 auctions were not yet recorded.

In Melbourne, 44.7 per cent of 80 properties on offer sold while the results for another 30 were not yet recorded.

The median price in the February 2 auctions - for a combination of houses and units - was $855,000 in Sydney and $610,250 in Melbourne.

The results come as Australian Bureau of Statistics data on Monday revealed new homebuilding permits fell in December for the second month a row to a new five-and-a-half year low.

December's seasonally-adjusted 8.4 per cent decline in building and renovation approvals to 13,995 followed a slide in November, with approvals now down 22.5 per cent over 12 months.

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