On Friday I reported that Australia’s final auction clearance rate ended February at a near record high 79.3%, close to the strongest result on record.
The weekend’s preliminary auction results from CoreLogic suggest that records will soon be smashed, with every capital city market recording a preliminary clearance rate of more than 80% – something that I have never witnessed before:
The result was well above last weekend’s preliminary clearance rate of 81.9% and suggests the final clearance rate will also come in above 80%.
Domain’s preliminary auction clearance rates were also very strong, coming in at 87% in Sydney and 79% in Melbourne. According to Shane Oliver via Twitter:
“Clearances remaining very strong with record low mortgage rates, government incentives, “escape from the city”, jobs recovery, soft listings & FOMO”.
This caps off a stunning weak of data for the Australian property market, which also includes the strongest monthly price growth since 2003 and record new mortgage commitments.