Both Sydney and Melbourne performed strongly at auction this weekend, but Sydney’s 80-plus per cent result once again left the Victorian capital in the dust.
The weekend's residential clearance rate of 81.8 per cent in Sydney was again generated from high listings numbers, with unprecedented buyer and seller activity for this time of the year, according to senior economist at Australian Property Monitors Dr Andrew Wilson.
“The weekend’s clearance rate was clearly higher than last year’s 75 per cent recorded over the same weekend, and the weekend’s 631 listings were 38 per cent higher than last year’s 456 at the same time,” Dr Wilson said.
The story was the same across the board, with seven Sydney districts reporting clearance rates above 80 per cent.
“The north west reported its second consecutive weekend clearance rate of 100 per cent, clearly indicating strong homebuyer interest in the hills," he said.
“Next best was the south with 89.5 per cent, followed by the remarkably popular inner west, which produced yet another high clearance rate of 87.2 per cent despite providing the highest number of auction listings of all the regions at the weekend.”
Melbourne came back with a bang after a considerably slower weekend last week due to the Labour Day holiday.
With high listing numbers the market produced another solid clearance rate of 73.9 per cent.
“The Melbourne auction market has been remarkably consistent this year, with weekend auction clearance results averaging 74.4 per cent over the past seven weeks since the beginning of the 2014 selling season,” said Dr Wilson.
Over the past seven weekends 4,338 properties have been listed for auction in Melbourne, 19.2 per cent higher than the 3,640 that were listed over the same period last year.
“Melbourne’s ever-popular outer east again produced a strong clearance rate at the weekend, leading all the metro regions with an 83.8 per cent result," said Dr Wilson.
“Next best was the inner city with 79.8 per cent, followed by the inner south with 77.7 per cent, and the inner east with a clearance rate of 73.2 per cent.”
Auction results are expected to remain elevated at least until the Easter break next month.