Auction clearances rose to record highs over the weekend, with the number of homes auctioned across Australia’s capital cities also rising 70% to 2,847 from the week before.
According to RP Data, the weighted average auction clearance rate rose to 82.0% from 71.8% the week before, driven by large increases in Sydney (87.5% versus 80.4% the week before) and Melbourne (79.0% versus 70.9% the week before):
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The other data providers produced similar strong auction results.
The Real Estate Institute of Victoria (REIV) reported a preliminary clearance rate of 75% on 1105 auctions, up from 72% the week before. Whereas for Sydney, APM reported a clearance rate of 86% on 509 reported auctions.
