As the number of auctions across the country increased last weekend the property market continued to perform strongly with impressive clearance rates for Sydney and Melbourne.
Sydney’s preliminary clearance rate was 81.4 per cent, the highest recorded clearance rate across capital city markets, on a total of 1,045 homes taken to auction this past week.
Melbourne was Australia’s largest auction destination with 1,567 auctions this past week, with a preliminary auction clearance rate of 77.1 per cent.
Canberra was the next best performing market in terms of clearance rates with 67.7 per cent on 82 auctions.
With property prices increasing it’s clear the low interest rates, strong population growth, and a slowdown in new housing construction along with the first home buyers’ grant program are having an effect. However, prices are now also being driven by the Fear Of Missing Out (FOMO) to some extent, which we have seen help drive prices higher in the Sydney and Melbourne markets in the past.
It was a very strong showing last week given the wider challenges, where we saw further uncertainty in the Australian and global sharemarket plus the possibility of a virus-induced slowdown that could create a recession.
Clearly there is buyer and seller confidence back in the key Sydney and Melbourne markets as results continue to outperform those recorded a year ago.
If you have been wondering about getting in or back into the property market and would like some expert guidance and advice, be sure to give the team at Plan Assist a call.
Capital City Auction Statistics (Preliminary)
|City||Clearance Rate||Total Auctions||CoreLogic Auction Result||Cleared Auctions||Uncleared Auctions||Clearance Rate
|Total Auctions (Last Year)|
Source Core Logic