Data from Australian Property Monitors (APM) revealed a 64 per cent clearance rate for Sydney on Saturday, based on 301 reported auctions. This was up from a 60.1 per cent clearance rate recorded on the same day a week earlier.
Propertydata.com.au reported a similar result, noting a 61 per cent clearance rate for the entire week based on 498 reported auctions.
“As we head further into spring and the weather warms up, we are seeing the property market gain some momentum,” Real Estate Institute of NSW (REINSW) CEO, Tim McKibbin said.
“The past few weeks have seen clearance rates hovering around the 60 per cent mark, a figure that is considered to be relatively strong. We expect this momentum to continue in the coming weeks, and with another potential rate cut before the end of the year, we should see more positive results.”
In Melbourne, APM reported a clearance rate of 56.7 per cent for Saturday, based on 253 reported auctions.
APM’s figure was lower than that recorded by propertydata.com.au. “A clearance rate of 62 per cent was recorded this weekend compared to 60 per cent last weekend and 53 per cent this weekend last year,” said REIV CEO, Enzo Raimondo.
“A significant test for the market will occur next weekend when around 1200 auctions are expected, the highest number for a weekend since December in 2010. There were 695 auctions reported to the REIV this weekend, with 431 selling and 264 being passed in, 155 of those on a vendor bid.”
According to APM the auction clearance rate in Adelaide reached 55.9 per cent on Saturday, based on 30 reported auctions.