After a sluggish start to the year, auction clearance rates have started to pick up, suggesting the housing market may be set for another good year.
According to data from Australian Property Monitors, almost 70 per cent of Sydney properties auctioned on Saturday successfully sold – the highest rate since early last year when price growth was very strong.
Sydney also boasted the most expensive property sold over the weekend, with a three bedroom house in Neutral Bay going under the hammer for $2.7 million.
In Melbourne, the auction clearance rate was a little more ordinary, with 62.2 per cent of properties clearing.
Real Estate Institute of Victoria chief executive officer Enzo Raimondo while auction activity was slightly down on the long term averages achieved by the capital city, activity is set to lift substantially in the coming weeks.
“We expect to see activity in the residential auction market lift – just as it did this time last year – with just over 700 auctions next weekend and 950 the weekend after that,” he said.