Auction clearance rates in Melbourne suggest the Victorian capital's property market is improving.
The residential clearance rate of Melbourne rose 8.4 per cent from last week to 71.7 per cent, which Enzo Raimondo, CEO of the Real Estate Institute of Victoria (REIV), believes reflects the resilience of the past few months.
“The REIV released the March quarter median prices this weekend, which show the strongest first quarter for over 10 years,” Mr Raimondo said. “This weekend's results are a further indication of the healthy state of the market.”
According to Australian Property Monitors (APM), Sydney also performed well, recording a clearance rate of 73 per cent, up from 67.6 per cent last week.
Adelaide managed a clearance rate of 60 per cent, however according to propertydata.com, there were only 35 reported auctions.