Sydney has recorded the third consecutive weekend of clearance rates above 80 per cent, according to Australian Property Monitors (APM).
The capital city had a clearance rate of 80.8 per cent across 332 properties, a slight fall from last week’s result of 81.1 per cent.
RP Data recorded a similar result for Sydney with an auction clearance rate of 80.6 per cent across 447 auctions.
Senior economist for APM Andrew Wilson said Sydney’s auction clearance rates continued to track at levels not recorded for over 10 years at this time of the year.
“With auction clearance rates at their highest levels for years, it’s no surprise that Sydney house prices are also growing at their fastest rates for years,” he said.
“The Sydney median house price increased by 2.7 per cent over the June quarter, which was the fastest rate of quarterly growth recorded since March 2010, during the previous house price boom.
“With Sydney houses prices having increased by 6.7 per cent over the 2013 financial year, it’s also no surprise given almost historically low interest rates for both borrowers and depositors that investors are flooding into the Sydney housing market at record levels.”
APM also recorded a strong result for Melbourne, which had an auction clearance rate of 70.2 per cent, up from last week’s result of 69 per cent.
Dr Wilson said the auction buyer activity in Melbourne had remained at the same level over July, despite a 10 per cent increase in the number of listings compared to last July.
“With increased listing numbers and a clearance rate 10 per cent higher than a year ago, significantly more buyers are securing property in the normally quieter mid-winter housing market,” he said.
“Not surprisingly, this increased buyer activity is translating into strong prices growth as the Melbourne market continues to play catch-up with its house price peaks recorded during the boom of three years ago.”
Excluding Melbourne, RP Data recorded a combined capital city auction clearance rate at 64 per cent over the week, down slightly from 65.4 per cent last week.
The most expensive property sold was in Melbourne with a value of $3,055,000, while Brisbane again had the most affordable property with a value of $127,500.