Sydney and Melbourne continued their strong property run over the weekend, with both cities recording clearance rates above 75 per cent.
According to Australian Property Monitors, Sydney achieved a clearance rate of 75 per cent, well above its long-term average.
Melbourne buyers were even more enthusiastic, with property purchasers snapping up 87 per cent of the dwellings listed for sale.
Figures from the Real Estate Institute of Victoria show 835 properties were cleared in Melbourne over the weekend.
And it seems this is just the tip of the ice berg.
More than 1000 homes have already been listed for next weekend’s auctions in Melbourne.
A stately five-bedroom residence in Melbourne’s Moonee Ponds was the most expensive property sold over the weekend, going under the hammer for $4.65 million – well and truly exceeding its reserve of $3.95 million.
The large supply on offer last weekend and the one coming are viewed as key tests for the resilience of the property rebound.
House prices rose almost 12 per cent in the year to January, according to RP data.