Warm start to spring auctions but it’s about to heat up
AUSTRALIA’s peak property season has opened with a whimper, featuring low stock and lacklustre auction success rates. Capital cities hosted just 1462 auctions in the first week of spring, more than 30 per cent down on the figure for a year earlier. The combined preliminary clearance rate hit 52.7 per cent, just 0.4 points above the winter average, according to data from Cotality. But research director Tim Lawless said he expected activity to build during September. “Auction activity is set to ramp up over the coming weeks, rising to around 1640 next week and 1900 the w