Australian property market

PHOTO: Property market

Public holidays in four states on Monday resulted in lower auction volumes across the country at the weekend, but analysts say market confidence ­remains strong despite growing economic concerns following the COVID-19 outbreak.

Auction volumes fell significantly in Melbourne as the state celebrates Labour Day on Monday, with the Victorian capital recording a 68.6 per cent success rate from the 404 auctions held. The previous week there had been 1612 auctions, of which 74.8 per cent sold.

Sydney, which does not have a public holiday on Monday, performed strongly — ­returning a preliminary clearance rate of 82.6 per cent from 811 auctions. The previous week Sydney held a higher number of auctions (1087) and returned a lower clearance rate of 76.6 per cent.