Auction clearances indicate real estate market could be drifting lower
The auction clearance rate of Australia's capital cities was 74.6 per cent last week, virtually flat with the previous week's result. But Sydney and Melbourne's clearance rates are in a downward trend, says CoreLogic.
There is still strong demand for property in the eastern states, says Louis Christopher, managing director of SQM Research. Sellers were simply staying out of the market in April, waiting for the holidays to end, he says.
