Spring in australian property sales revealed at weekend auctions

Property auction clearance rates have reached their highest level for more than three months suggesting that the slow Australian real estate market is picking up.

Auctions in Sydney, Melbourne, Brisbane and Adelaide had higher clearance rates than the previous weekend, although the national market remained relatively flat compared with this time last year.

According to Australian Property Monitors, 60% of the Sydney properties that went under the hammer at the weekend were sold, up from 51% on the first weekend of the month.

Melbourne recorded a similar result, with clearance rates reaching 57%, up from 52% the previous week.

Source: PropertyCommunity.com