Auction activity steams ahead despite reduction of first homebuyer grant boost

By Your Mortgage

Real estate auctions across Australia continues to power ahead, defying predictions that sales will drop after the first homebuyer grant boost is halved by the end of September.

All capital cities recorded strong clearance rates for the week ending 4th October. Sydney, Melbourne and Canberra continued to dominate, but Adelaide and Brisbane also achieved solid auction clearance results.

The number of auctions rose to 576 in Melbourne after recording just 139 a week ago. Sydney has fewer auctions at 386 compared to 811 a week ago.

Auction results: Week ending 4th October 2009