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A Palm Beach home at 72 Twenty Sixth Avenue, sold at auction.
AUCTION clearance rates slipped below 70 per cent for the first time in five weeks, but analysts say it is not cause for concern.
There were 2253 held last week compared to the previous week with the clearance rate down to 68.1 per cent.
It is the first time in five weeks that capital city clearance rates have been below 70 per cent.
Despite that some capital cities still had solid results with Melbourne still leading the pack with a preliminary clearance rate of 70.6 per cent.
Auction volumes in Melbourne are expected to fall next week as a result of the Labour Day public holiday on March 14.
Although it is tipped to hit its highest level the following week in the lead up to Easter.
Fashion icon Jenny Bannister was one of the successful sellers on the weekend with her St Kilda home selling for $3.3 million — 27 years to the day after she bought it.
Wilson real estate agent Martin Fox sells designer Jenny Bannister and husband Paul “Mongoose†Belin’s St Kilda house. Picture: Jason Edwards.Source:News Corp Australia
The home at 80 Wellington St, St Kilda.Source:Supplied
Bidding on the four-bedroom home at 80 Wellington St, which is highlighted by a Tuscan-style pool and an interior oozing artistic flair, was slow going until auctioneer Martin Fox of Wilson Agents declared it on the market at $2.65 million.
CoreLogic RP Data auction commentator Kevin Brogan said Sydney recorded a clearance rate of 68.6 per cent last week.
“The inner regions of Sydney have maintained strength this week, with City and Inner South (81.3 per cent), Ryde (80.7 per cent) and Northern Beaches (78 per cent) showing the strongest auction clearance rates for the week,’’ he said.
Brisbane had a preliminary auction clearance rate of 52.3 per cent, with 129 auctions held.
About a third of properties taken to auction on the Gold Coast sold including a five-bedroom home at 72 Twenty Sixth Ave, Palm Beach.
The home is within walking distance of the beach and has a swimming pool and an outdoor kitchen area.
In Adelaide the number of auctions fell last week resulting in a preliminary clearance rate of 67.6 per cent.
Mr Brogan said while week on week auction activity had fallen, more auctions
took place this week relative to last year.
There were 29 auctions in Perth and a preliminary clearance rate of 18.2 per cent based on just 11 results.
Tasmania had six auctions with four properties selling under the hammer.