Auction clearance rates in Sydney and Melbourne surged beyond the 60 per cent mark on Saturday, continuing recent strong results.
According to data from Australian Property Monitors (APM), Sydney’s clearance rate reached 67.3 per cent on Saturday, based on 355 reported auctions.
This result was slightly higher than that reported by the Real Estate Institute of NSW (REINSW), which showed an auction clearance rate of 63 per cent for the week to Saturday.
“The auction market continues its post-winter revival with 549 auctions reported this week,” said REINSW CEO, Tim McKibbin.
“These first few weeks of spring will provide a substantial measure of how the 2012 spring selling season is faring.”
In Melbourne, APM revealed an auction clearance rate of 62.6 per cent based on 240 reported auctions for Saturday.
The Real Estate Institute of Victoria’s (REIV) figures for Melbourne were even better, showing a 64 per cent clearance rate based on 624 auctions.
This was up from 58 per cent the previous weekend, and 52 per cent for the same weekend last year.
“In light of the increase in stock this weekend, this is quite a healthy result,” said REIV CEO, Enzo Raimondo.
“It continues the trend this spring with the clearance rate being consistently a few points higher than last year.”
“Due to the AFL Grand Final there will only be about 20 auctions held next Saturday, all of which are scheduled for noon or earlier,” he added.
“Due to this very low number a clearance rate will not be published. The REIV expects about 570 auctions the following weekend.”
According to APM, Adelaide’s clearance rate reached 61.5 per cent last Saturday on 26 reported auctions.