It was the sixth straight week in a row of auction clearance rates over 80% for the Sydney market on the weekend, while the RP Data combined capital city auction clearance hit its highest rate this year of 72.7% (see graph 1 below).
Sydney’s auction clearance rate was 81.6% on the APM measure and 79.7% on the RP Data measure. Melbourne recorded high rates too, of 75% (APM) and 71.6% (RP Data). Although data is thin for other capital cities, Adelaide is showing some encouraging signs with rates of over 70% (see table 1 below).
The revised APM data for the previous week has Sydney’s auction clearance at 79.2% and Melbourne’s at 74.6%. The median prices for Sydney are also getting higher, with $902,500 recorded for houses and $640,000 the median price for units (see table 2 below).
The APM data for a year ago shows that the property market was still struggling this time last year with all auction clearance rates under 60% and relatively low numbers sold – 157 in Sydney versus 289 on 10 August this year and 141 in Melbourne versus 367 (see table 3 below).
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