The number of homes going under the hammer in Australia is on the rise, it has been revealed.
Online property data service Australian Property Monitors (APM) has revealed that, despite a fall in the number of property sales, the number of homes going to auction has increased.
The study shows that property sales in Sydney dropped from 59.2 per cent to 54 per cent, reports iexpat.com, with a minimal fall noted in Melbourne as sales fell by one per cent.
Overall, a total of 618 homes were put up for auction this year, compared to 927 in Melbourne.
An APM spokesman said: "There's no doubt that the top end of the property has gone to sleep over the past few weeks.
"There was a similar slowdown last year when the market ran out of steam towards the end of spring."
Traditionally the market slows around Christmas as people are reluctant to move, with APM doubting that moves such as an interest rate cut will help stimulate demand.
Posted by Craig Francis