House auction figures have slumped nationally over the Queen’s birthday weekend. This doesn’t come as a surprise to an already struggling real estate industry, however the significance of the fall does.

house auctionClearance figures have been steadily dropping since their high point of 7.2% in February. In the last week alone realtors from around the nation have reported clearances sliding from 66.4% to 59.9%.

As a reflection of this, home values also either slid or remained stable. Sydney and Melbourne were worst affected – Sydney reported a 1.6% drop in house values for the month, while Melbourne properties suffered a whopping 3.9% drop. Brisbane, Adelaide and Perth all remained even.

The top three median yields for the capitals around the nation were: $764,000 for Sydney properties, $506,000 in Melbourne, and the fast-growing Perth stormed into third with median properties fetching $540,000.

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