Australia’s Property Market Continues It’s Strong Performance As The Number Of Auctions Surge

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
(Last Year)
Total Auctions (Last Year)
Sydney 81.4% 1,045 645 525 120 54.8% 801
Melbourne 77.1% 1,567 1,221 941 280 52.0% 1,039
Brisbane 63.2% 136 76 48 28 27.6% 125
Adelaide 62.7% 81 51 32 19 42.2% 95
Perth 37.5% 17 8 3 5 18.2% 16
Tasmania n.a. 5 1 1 0 n.a. 5
Canberra 67.7% 82 62 42 20 42.7% 120
Weighted Average 77.1% 2,933 2,064 1,592 472 50.4% 2,201

Source Core Logic

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