Sydney house auctions down 50%
06 July 2015 by News Desk
The number of residential properties sold at auction in Sydney fell by almost 40% in the past seven days.
While a higher percentage (84.5%) of properties changed hands, the overall number of properties for sale in the city last week dropped from 815 to just 566. In Melbourne the number of properties actually sold also fell, to 76.7%.
Sales levels in other cities, however, have risen. The percentage of properties sold at auction in Brisbane increased to 69% while 75% of properties in Adelaide changed hands.
For investors, rental returns on houses in Sydney fell to 3.3% in the year to June while in Melbourne they fell to 3.1%, according to a report by CoreLogic. Rental returns on units (apartments) also fell in both cities, down to 4.3% and 4.2% in Melbourne.
