Auction clearance rates have again surged above 70 per cent in Sydney and Melbourne, data from Australian Property Monitors has revealed.
Sydney recorded a clearance rate of 71.7 per cent with more than 160 properties sold for a total of $118.7 million.
A four bedroom house in Mosman was the most expensive property sold under the hammer on the weekend for $3.13 million; a parcel of land in Winston Hills was the cheapest at $183,000.
Melbourne’s clearance rate was marginally higher than Sydney, with 73.2 per cent of properties selling, well up on the 53 per cent clearance rate this time last year.
Adelaide and Brisbane did not fair quite so well, with both cities achieving clearance rates of less than 60 per cent.
In Adelaide, 17 properties were sold for a clearance rate of 51.5 per cent.
Brisbane recorded a clearance rate 48.6 per cent after 17 properties were sold for a total of $4.5 million.