- Auction clearance rates for the two largest Australian cities last weekend were a healthy 80%
- More stock will come onto the market in coming weeks, so these rates may come back slightly
- For now, the property market looks strong
As we enter the last month of summer and reflect on the year just gone, it is very pleasing to see the two capital cities, where auctions are a significant method of sale, have hit the ground running in 2021.
Clearance rates, as provided by the data companies, show that in Melbourne and Sydney the current percentage of those offered by auction is hovering around 80%.
As the weeks progress the auction volumes will rise which could mean the clearance rates may come back slightly, however this will be interesting to monitor.
There is no doubt the the strength in the market place is driven by our record low interest rates and various buyer incentives will continue to impact the property market positively during the early part of 2021.