Property buyers are springboarding into Spring, with a massive 2074 properties put up for auction over the last week, compared to 1056 the week before, as the national weighted auction clearance rate was steady at 74.6% (see graph 1 below).
The auction clearance rate for Sydney remains well in the 80s, with RP Data recording 84.3% and APM 84.1%. Melbourne recorded a clearance rate of 72.9% with 850 properties listed, according to APM (see table 1 below).
The revised data for the previous week shows that Sydney was still sitting at 86.5% (see table 2 below), even with the extra data that came in over the week. RP Data also compiles a national listings index, which rose 2.8% over the past month. The biggest rises were in Victoria, 6.5% and NSW, 1.8%. But listings have been falling in Tasmania, -2.4% and Western Australia -1.0%.
The APM data for the same week last year still shows a sluggish market, with clearance rates in the high 50s for both Sydney and Melbourne (see table 3 below).
The most expensive house sold at auction over the week was a three-bedroom house in Sydney’s Gladesville, 9km north-west of the CBD, which went for $3.788 million. There were three other properties that were sold for over $2 million in Sydney on the weekend.
The most expensive property in Melbourne was a three-bedroom property in Toorak, 5km south-east of the CBD, that went for $2.2 million.
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.
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