IF THE Reserve Bank’s Cup Day interest rate cut had any effect on Melbourne’s erratic auction market, it appeared to be at the lower end, with only properties below the $500,000 mark having a clearance rate above 50%.
The clearance rate overall was 54%, but first-home buyers, and possibly investors, seem to be the only groups keeping a floor – albeit an uneven one – under a falling market.
Of the 143 properties in the $500,000 to $700,000 range, only 48% sold, and of the 75 properties in the $700,000 to $1 million range, only 42% sold. And in the $1 million to $2 million range it was worse again, with only 26% of the 30 properties selling.
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