Sydney’s auction market continued unabated at the weekend, recording a sizzling clearance rate of 84.4 per cent according to Australian Property Monitors (APM).
“This weekend’s rate was over 20 per cent higher than the 62.2 per cent recorded over the same weekend last year, and is a clear indication of just how far the housing market has travelled over the past 12 months,” said senior economist at APM Dr Andrew Wilson.
A total of 296 auctions were scheduled at the weekend compared to just 168 over the same weekend last year.
“The top performers were the northern beaches and Canterbury Bankstown, each with 100 per cent clearance rates of properties reported,” Dr Wilson said.
“With higher sales numbers, however, the lower north shore and the inner west recorded exceptional clearances rates of 91.7 per cent and 91.3 per cent respectively.”
According to Dr Wilson, Melbourne also performed strongly, with a metro clearance rate of 75.6 per cent following last weekend’s season opener result of 73.3 per cent.
“This weekend’s result was achieved from significantly higher listing numbers, with 260 auctions scheduled compared to last weekend’s 71.
“Listings at the weekend were 17 per cent higher this year compared to the same time a year ago, with the trend for higher auction numbers set to continue over coming weekends leading up to the Labour Day long weekend,” he said.
The outer east was the star performer last year and continues to lead the pack with an exceptional clearance rate at the weekend of 90 per cent from 40 reported auctions.
The current interest rate environment is perfect for the auction market, according to Dr Wilson.
“With the Reserve Bank signalling an improved outlook for the economy together with falling mortgage interest rates, the current once-in-a-decade energy of the housing market is set to continue,” he said.