Property market the place to be

Editorial director of Switzer
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Melbourne remains the auction king with a massive number of cleared auctions, 490, according to RP Data for last weekend (see below) and 686 reported auctions in the updated, and more accurate, data for the week of 15 June on the APM statistics.

Preliminary auction clearance statistics for Sydney revealed a rate of 74.7% on APM’s measure (see below) and 72.5% on RP Data’s. The APM rate for Melbourne was 68.6% and the RP Data rate was 69.3%.

The Brisbane property market, as measured by the number of cleared auctions, continued to struggle (see below). Although the RP Data reveals a larger number of reported auctions, the clearance rate on both measures was low.

As compared to the same weekend last year, the most recent clearance rates reflect the ongoing robustness in the property market (see below).

RP Data reported that there were 1,626 auctions scheduled across the combined capital city markets and the weighted average clearance rate for the seven markets it monitors was up to 67% from 63.3% the previous week.

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