- Preliminary data shows very high auction clearance rates around the country
- 90% of Sydney's auctions sold, the best rate in 24 years
- More evidence of the galloping real estate market
Preliminary data from CoreLogic, Domain, Realestate.com.au and the Real Estate Institute of Victoria are showing auction clearance rates of 83% to 96% in Adelaide, 88% to 92% in Sydney and 81% to 85% in Melbourne.
The combined capitals ‘weighted average preliminary clearance rates’ held above 80%, according to CoreLogic.
Whatever the final numbers are, these are relatively high, and exceed the rates for the same weekends the year before. Overall, these are the highest clearance rates we’ve seen in six years.
Social media and news sites have been full of photos of lines of (often masked) people from Perth to Melbourne and beyond lining up for home opens or crammed into auctions.
Evidence ‘from the field’ seems to back up statistics we already had showing the Australian market roaring ahead.
Domain described Brisbane’s auction market as “red hot” with “a raft” of multi-million dollar sales recorded over the past few weeks.
Sydney’s clearance rate is the highest since mid 1997, almost twenty four years ago. Some properties that had been left unsold last year were quickly snapped up at the weekend.
Final auction clearance rate numbers should be published later this week.