Weekend Auction Markets Show Resilience Despite Holiday Distractions

Despite the holiday weekend, major Australian cities experienced positive results in their weekend auction markets, with the exception of Brisbane. Canberra led the pack with the strongest auction clearance rate at 74.9%, followed closely by Adelaide at 74.1%. Sydney and Melbourne also posted respectable clearance rates of 72.9% and 58.1%, respectively.

However, Brisbane lagged behind with a clearance rate of 55.6%. Overall, the national weekend auction market reported a clearance rate of 67.1%, slightly higher than the previous weekend but lower than the same weekend last year. The lower clearance rate was attributed to reduced auction numbers due to the holiday weekend.

Despite the distractions, buyers and sellers remained active in the market, demonstrating resilience amidst the holiday festivities. Dr. Andrew Wilson, Chief Economist at MyHousingMarket.com.au, noted the ongoing strength of the auction market despite the challenges posed by the long weekend.