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Clearance rates continue upward trend

17 August 2009 Reporter

Auction clearance rates were up in almost every capital city this weekend, according to Australian Property Monitors (APM).

The auction clearance rate in Sydney hit a healthy 74.2 per cent, with $84.2 million in property sold.

A free standing six bedroom house in Abbotsford topped the list in terms of sales price at $4.17 million; a two bedroom unit in Cabramatta the cheapest at $180,000.

In Melbourne, the clearance rate hit 74.4 per cent for a sales volume of $71.2 million.

According to APM, consistent clearance rates of more than 70 per cent will give vendors great confidence going into the spring selling season.

While clearance rates improved this week for both Adelaide and Brisbane, they were still well below 70 per cent. Adelaide recorded a clearance rate of 65.2 per cent; Brisbane 48.3 per cent.

In Adelaide 15 properties were sold for a total of $5.0 million, up from six properties last Saturday.

Clearance rates continue upward trend
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