Strong clearance rates have marked the beginning of August in most capital cities, with spring just around the corner.
According to Domain Group senior economist Dr Andrew Wilson, Sydney’s winter auction market continues to strengthen with the past weekend’s clearance rate the highest reported for 10 weeks.
“August has commenced on a high, recording a clearance rate of 79.1 per cent,” he said.
“This brings the four-weekend average to 77.9 per cent compared to the previous four-weekend result of 74.4 per cent.
“Sydney has now recorded four consecutive weekends with clearance rates above 77 per cent for the first time since March,” he added.
Auctions numbers in Sydney were down this weekend with 416 properties scheduled to go under the hammer – 90 fewer than the 506 that were auctioned the previous weekend.
“The Melbourne home auction market recorded its best result for 12 weeks with signs continuing of growing buyer momentum in the winter market,” Dr Wilson said.
“This weekend’s sturdy clearance rate of 75.6 per cent brings the four-weekend average to 74 per cent – up from the 73 per cent averaged over the previous four weekends.
“Saturday was only the second time the clearance rate has exceeded 75 per cent since the beginning of March,” he added.
Auctions numbers in metro Melbourne were down this weekend with 516 properties scheduled to go under the hammer – 118 fewer than the 624 that were auctioned the previous weekend.
According to Australian Property Monitors, Brisbane saw a slight increase in clearance rate from 42 per cent last weekend to 42.9 per cent this weekend.
Meanwhile Adelaide showed a drop from 62.9 per cent the previous weekend down to 56.3 per cent in the weekend just past.