The housing market is continuing to gain traction, with auction clearance rates sitting well above 70 per cent in most capital cities.
According to RP Data’s auction clearance results released today, Melbourne is currently reaping the benefits of auction activity, recording an 85.9 per cent auction clearance rate last week.
Of the 447 properties put up for auction only 53 were passed in, while more than 390 sold under the hammer.
Canberra was the best achiever for the week with a 90.9 per cent clearance rate. Only one of the 14 properties up for sale was passed in.
Sydney and Adelaide both recorded clearance rates above 70 per cent, achieving 74.0 per cent and 71.0 per cent respectively.