Auction clearance rates were strong on the weekend with a capital city weighted average clearance rate of 79.2%. That compared to 78.5% the previous week and 60.6% for the same weekend last year.
At 1,155, auction volumes were way down on the previous week of 2,792, on the back of the long weekend. Volumes were at a similar level a year ago at 1,191.
[1]The auction clearance rate on the weekend was 90.1% in Sydney, from 573 auctions, and 78.4% in Melbourne, from just 302 auctions.
CoreLogic RP Data says the first five months of this year were the strongest on record for Sydney with a clearance rate for the five months of approximately 85%.
This week in Sydney, the City and Inner South recorded a clearance rate of 97.9%, North Sydney and Hornsby recorded 96.3% and Ryde and Sutherland had clearance rates of 96.3% and 96.1% respectively.
In Melbourne, the Outer East region was the strongest, with a preliminary clearance rate of 95.5%.
[2]The median value for homes in Sydney sold at private treaty is edging up towards $900,000, and while down 0.5% over the week (and -1.2% over the month) is up 5.6% for the year to date.
Melbourne prices are up 1.4% for the year to date while Adelaide prices have increased 0.9% for the year to date. Private treaty sales represent around 85% of all dwelling sales across the country.
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