Property sales rates in major cities in Australia appear to be weakening as buyers become more selective, it is claimed. Residential real estate sales are significantly lower than the same time last year with the latest figures from Australian Property Monitors indicating they have fallen in Sydney, Melbourne, Brisbane and Adelaide.
In 2009 Sydney auctions cleared 70.5% of homes and Melbourne’s clearance rate was a healthy 78% but they are now down to 49.8% and 55.6% respectively, the figures show.
In Brisbane they are 47.1% compared with 51.9% last year and in Adelaide, which had a clearance rate of 57% last year rates have now fallen to 47.6%.
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