Auction Clearance Rates slip in Sydney and Melbourne

The housing market was slightly cooler in both Sydney and Melbourne over the weekend.

According to Australian Property Monitors, clearance rates in Melbourne slipped to 63%, down from an overall September result of 69%.

The trend coincides with an increase in auction listings. Last Saturday, 863 properties were listed compared with 698 for the same Saturday last year.

The weekend auction clearance rate in Sydney fell slightly to 57% of 360 auctions, compared to 61% from the previous weekend.

This is a striking contrast to results at the beginning of the year when auction clearance rates were considerably higher. But it is not surprising. There are fewer buyers around but still plenty of properties for sale.