Residential auctions strong

Last weekend, Sydney and Melbourne enjoyed strong auction results.

In Sydney 3008 properties were listed for auction and 194 sold, according to figures from Australian Property Monitors. Volumes were up, with $156.1 million of housing sold, compared to $91.4 million this time last year.

In Melbourne, 803 homes were listed and 503 sold. Sales volumes were almost double this time last year, at $255.4 million.

Now the election has been called, home buyers may shift into a wait-and-see mode, given that consumers historically tend to delay big decisions in during election campaigns.