Sydney has recorded its highest auction clearance rate in three years, according to RP Data.
While auction clearance rates for the city have remained virtually unchanged with 371 properties auctioned, the city’s auction clearance rate was 79.7 per cent, a rise from 74.1 per cent last week.
Australian Property Monitors (APM) recorded a clearance of 81 per cent for Sydney, up from 77.5 per cent last week.
Senior economist at APM Dr Andrew Wilson said the normally quieter July mid-winter auction market was now on track to record its best ever results.
“This weekend’s stunning sales results were achieved from a solid number of listings, considering last week was the final week of school holidays,” he said. “A total of 306 properties were auctioned on the weekend, compared to 278 last weekend and 263 over the same weekend last year.
“The best regional result in Sydney this weekend was recorded in the south, with an exceptional clearance rate of 87 per cent."
Dr Wilson said the housing market has continued to build momentum this year, with buyer and seller activity clearly rising over the past six months.
Melbourne has similarly recorded positive results with an auction clearance rate of 67.3 per cent, which is up from 65.9 per cent last week. The city had a total of 418 auctions, a slight drop from 445 the previous week.
APM recorded a clearance rate of 63.4 per cent for Melbourne, which was a decrease from last week’s result of 66.3 per cent.
Dr Wilson said the results in Melbourne were encouraging results, as they maintained a consistency that has characterised the local housing market this year.
“Auction clearance rates in the mid to high-60 per cent mark have been recorded on just about every Saturday so far this year,” he said.
“This is clearly higher than last year’s mid-50 per cent rates recorded over the same period and are the best weekend auction market results for Melbourne since the boom period of early 2010.
“Auction results this year have also been remarkably consistent between buyer types, price ranges and regions.”
Across the combined capital cities, auction volumes fell slightly this week with 965 auctions recorded compared to 1,029 last week, according to RP Data.
This week’s auction clearance rate across the capital cities was 69.6 per cent across 418 auctions, increasing from 65.8 per cent last week when there were 453 auctions.
The most expensive property was in Randwick, Sydney, with the value of $2.35 million, while the most affordable property was in Ethelton, Adelaide, with a value of $247,000.