Auction clearance rates in Sydney and Melbourne performed on trend over the weekend.
According to Australian Property Monitors (APM) data, Sydney recorded a residential clearance rate of 69.0 per cent while Melbourne achieved a 64.3 per cent clearance rate.
Enzo Raimondo, CEO of the Real Estate Institute of Victoria (REIV), believed the results were a good indicator that growth will continue during the year.
“The Melbourne residential auction market continues to perform to trend,” he said.
“The impact on sale prices will be revealed next weekend when the March quarter median prices will be released … the clearance rate in the month of March was 67 per cent from 3,187 auctions.”
CEO of the Real Estate Institute of NSW (REINSW) Tim McKibbin believes the results were expected to be subdued as consumers readjusted after the Easter break.
“The REINSW is expecting an improvement in the market next weekend as the volume of auctions will increase to around 600,” Mr McKibbin said.