Sydney and Melbourne are seeing the fastest decline in clearance rates but the slowdown is coming to the smaller capitals too.
Bought by parents for their children: The two-bedroom apartment at 10/18 Ridge Street in North Sydney sold for $1,462,000 at auction on Saturday - $127,000 over reserve.could plunge as much as 20 per cent
A two-bedroom apartment in North Sydney sold for $1,462,000 at auction on Saturday - $127,000 over reserve – after a couple from regional NSW battled it out with another party to secure the 10/18 Ridge Street home for their Sydney-based daughters to live in.Still strong at the top end: The house sold for land value at 23 St George’s Road in Melbourne’s Toorak went for more than $13,500 per square metre.
Overall, however, Sydney posted its lowest preliminary clearance rate in more than two years, with a 55.4 per cent rate based on the 624 reported results of 793 scheduled auctions. In the lower price brackets, however, the market is weakening. In Melbourne’s inner-eastern East Kew, a four-bedroom house on 589 square metres built in 2018, which sold in February last year for $3,667,500 at auction passed in on Sunday to the sole bidder who offered $3.625 million.
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