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Staff Reporter
Auction clearance rates rose nationally after an exceptional weekend result for Sydney, according to Australian Property Monitors (APM).
According to the weekly data, Sydney’s clearance rate for the weekend sits at 72.7 per cent, up 4.7 per cent from last week.
Adelaide also had an improved result, lifting the South Australian capital’s clearance rate from 39.3 per cent to 58.8 per cent.
Nationally, clearance rates rose 5.72 per cent. However, results in Melbourne were down from the week before, dropping from 66.5 per cent to 61.2 per cent.
Melbourne also witnessed a reduced number of properties going to auction, down by just over 700 properties to just 182.
The Real Estate Institute of Victoria (REIV) claims that the next fortnight will give a better indication of the market, with some 2,000 properties preparing to go under the hammer.
In year-on-year terms, every state outperformed the results from the prior year with Adelaide up 32 per cent, Sydney up 18 per cent, Brisbane by 11 per cent and Melbourne increasing by seven per cent.
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