Auction market continues to remain strong

Auction market continues to remain strong

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Clearance rates have increased around Australia, despite a drop in sales numbers.

Sydney posted an 86.8 per cent clearance rate last weekend, according to APM PriceFinder. That was the second-best result for 2015 after the 87.5 per cent result at the end of March.

Last weekend’s clearance rate was a big jump on the 71.9 per cent result recorded at the same time the year before. However, property sales fell 51.3 per cent to 381.

The median price for house sales rose 0.1 per cent to $1.1 million, while the median price for unit sales rose 10.5 per cent to $771,000.

Melbourne’s clearance rate climbed from 67.5 per cent to 77.5 per cent, although sales dropped 55.6 per cent to 361.

The median house price increased 2.9 per cent to $754,000, while the median unit price decreased 0.7 per cent to $510,000.

Brisbane’s clearance rate increased from 38.5 per cent to 42.1 per cent. Sales fell 69.2 per cent to 16, while house prices fell 18.8 per cent to $514,000.

Adelaide’s clearance rate grew from 63.0 per cent to 79.2 per cent. However, there was a 58.7 per cent decline in sales, to 19, and a 12.8 per cent decline in house prices, to $525,000.

[Related: Online auctions have arrived – but not everyone’s sold]

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