‘Unprecedented confidence’ drives auctions surge

‘Unprecedented confidence’ drives auctions surge

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Sydney has recorded its best clearance rate of the year despite a sharp increase in listings.

Last weekend’s clearance rate of 83.3 per cent was an increase on the 82.4 per cent recorded the week before, according to Australian Property Monitors.

That was despite the fact that auction numbers increased from 256 to 372, a jump of 45.3 per cent.

The clearance rate for the corresponding weekend in 2014 was lower, at 78.0 per cent, although the number of auctions was higher at 419.

Domain Group senior economist Andrew Wilson said the Sydney market is being buoyed by “unprecedented confidence and enthusiasm” from both buyers and sellers.

Melbourne reported a mixed result from its weekend auctions compared to the year before.

The clearance rate climbed from 69.4 per cent to 73.9 per cent. However, the number of auctions fell from 577 to 367, a drop of 36.4 per cent.

Dr Wilson said early trends indicate that Melbourne is experiencing significantly lower auction numbers this month.

The Adelaide and Brisbane markets were generally down on last year’s performance.

Adelaide’s clearance rate fell from 60.6 per cent to 53.6 per cent, while its auction numbers fell 12.9 per cent to 27.

Brisbane’s clearance rate improved from 48.1 per cent to 49.1 per cent, but auction numbers fell 31.1 per cent to 51.

[Related: Agent caught trying to undermine rival’s auction]

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