Following six consecutive weekends of auction clearance rates above 80 per cent, Sydney has recorded a result of 79 per cent, according to Australian Property Monitors (APM).
It is the first weekend where Sydney has had a result below 80 per cent and a slight fall from last weekend’s result of 81.6 per cent.
Similarly, RP Data recorded an auction clearance rate of 79 per cent in Sydney.
According to senior economist for APM Dr Andrew Wilson, Sydney’s auction market remains on record pace.
“The all-time highest monthly Sydney auction clearance rate of 78.3 per cent was recorded in April 2002,” he said.
“Next weekend’s final August - and winter - auction market will clearly determine if the long-standing monthly clearance rate record is to be broken.
“Regardless of the result, the 2013 Sydney winter market will clearly be the strongest ever recorded.”
Melbourne’s housing market has followed up its record result of 75 per cent last week with another record result of 77.7 per cent this week, according to APM.
RP Data also recorded a similar result of 77.5 per cent for Melbourne.
Dr Wilson said the clearly rising trend of buyer activity over the past month was consolidated with weekend auction clearance rates quickly approaching the 80 per cent-plus levels recorded in August 2009.
“Increased buyer activity is being recorded despite a 22 per cent increase in auctions listings reported over the first four weeks of August, compared to the same period in August a year ago," he said.
“Increased market activity in Melbourne continues to be generally spread through market segments, buyer groups, price brackets and regions, indicating a generalised rise in buyer and seller confidence in the market.”
Across the capital cities, RP Data recorded an auction clearance rate of 72.1 per cent this week, a slight fall from last week’s result of 72.7 per cent.
The most expensive property was in Sydney with the value of $1.933 million, while the most affordable was in Adelaide with a value of $202,000.