PHOTO: Sydney house prices are expected to bottom out by the end of the year.
MORE than 1600 properties are set to go under the hammer this week as the spring property season officially kicks off.
But far from the “auction-mageddon” of previous years, numbers this year are down more than one-fifth as house prices continue to fall, interest rates creep up and bank lending tightens.
Property research firm CoreLogic said it was tracking a total of 1636 auctions for the first week of September — 745 in Melbourne, 633 in Sydney, 102 in Brisbane, 79 in Adelaide, 49 in Canberra, 23 in Perth and five in Tasmania — down from 1915 last week and 2074 at the same time last year.
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