Investor lending crackdown fails to cool auction fever

Investor lending crackdown fails to cool auction fever

Investor lending crackdown fails to cool auction fever
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Auction clearance rates have surpassed 80 per cent for the eighth consecutive weekend in Sydney and sixth weekend in a row in Melbourne.

Sydney’s clearance rate was 83.2 per cent, compared to 70.7 per cent on the corresponding weekend last year, according to APM PriceFinder.

Property sales jumped 22.7 per cent to 475, with the median price for house sales up 22.0 per cent to $1.3 million and the median price for unit sales up 18.8 per cent to $844,000.

Melbourne’s clearance rate reached 80.9 per cent, compared to 67.7 per cent the year before.

Sales rose 15.6 per cent to 585, with median house prices rising 16.8 per cent to $923,000 and median unit prices rising 0.9 per cent to $535,000.

Nationally, the clearance rate jumped from 66.3 per cent to 79.5 per cent.

Sales increased 17.2 per cent to 1,127, with house prices increasing 23.2 per cent to $1 million and unit prices increasing 11.6 per cent to $675,000.

The weekend’s biggest auction result occurred in Melbourne, where Gary Peer & Associates sold a four-bedroom Glen Iris home for $3.65 million.

Sydney’s most expensive result was a three-bedroom Mosman residence, which was sold by McGrath Estate Agents Mosman for $3.05 million.

In Adelaide, Mayo Real Estate sold a four-bedroom Norwood house for $1.96 million; in Canberra, Peter Blackshaw Manuka sold a four-bedroom Deakin house for $1.67 million; and in Brisbane, Crown Properties sold a three-bedroom Redcliffe house for $1.02 million.

[Related: The previous weekend’s results]

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