Clearance rates approach 90pc in Sydney

Clearance rates approach 90pc in Sydney

Sydney City
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Sydney’s extraordinary price growth is being matched by equally astonishing auction results.

Australia’s biggest city had a clearance rate of 89.1 per cent at the weekend, according to APM PriceFinder.

That bettered the 88.2 per cent result on April 18-19 and the 87.5 per cent result on March 28-29.

Sydney house prices are soaring, according to CoreLogic RP Data figures for April, with the median house price up 15.5 per cent year-on-year and the median unit price up 9.7 per cent.

Last weekend’s record auction clearance result was a big jump on the same time last year, when a rate of 70.4 per cent was posted.

Sales numbers rose 29.0 per cent to 530, with the median house price up 29.4 per cent to $1.2 million and the median unit price up 12.9 per cent to $785,000.

Melbourne also had a strong auction weekend, with the clearance rate of 82.1 per cent well above the 67.3 per cent result from the previous year.

Sales climbed 33.3 per cent to 661, while house prices climbed 18.0 per cent to $832,000 and unit prices climbed 24.4 per cent to $560,000.

Adelaide’s clearance rate increased from 58.3 per cent to 71.7 per cent, while sales rose 22.9 per cent to 43 and median house prices rose 13.8 per cent to $603,000.

Storm-hit Brisbane had a quiet weekend, with only 12 sales at a clearance rate of 41.4 per cent.

[Related: The previous weekend’s results]

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