Researcher Australian Property Monitors said the number of properties listed for auction in Melbourne fell 10 per cent to 509, with 54.9 per cent sold, down on 56.6 per cent the weekend before.

In Sydney, 130 properties offered at auction were sold, down slightly on 135 the previous week. However, the auction clearance rate improved to 57.3 per cent from 49.6 per cent. There were 246 properties listed for auction in Sydney at the weekend, down on 281 the previous week.

In Brisbane, the auction clearance rate fell to 37.8 per cent from 42.3 per cent the previous week, although those sales were drawn from a small sample in a market dominated by private-treaty sales.

In Adelaide, the auction clearance rate was 57.7 per cent, down on 72 per cent the week before.

Real estate agents, particularly in Sydney, fear the latest interest rate rise and continued lack of affordability will prevent an increase in sales this spring.

The Reserve Bank board meets tomorrow for the first time since raising interest rates by 25basis points to 6 per cent last month. However, economists do not expect any move when the board announces its decision on Wednesday.

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Posted: 09|4|06 at 7:44 am. Filed under: Auction News.