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Brendan Wong
After hovering above 70 per cent for much of this year, Melbourne’s auction clearance rate exceeded the 80 per cent mark over the weekend.
Australian Property Monitors (APM) recorded a result of 80.1 per cent for Melbourne, up from 72.9 per cent last week.
RP Data recorded a preliminary result of 76.9 per cent, up from 72.5 per cent last week.
Auction volumes in the capital were higher over the weekend as sellers sought to avoid a clash with the AFL grand final this coming Saturday.
Victoria housing market specialist for RP Data Robert Larocca said the the underlying health of the market was highlighted by the fact there had now been eight consecutive weeks where clearance rates had exceeded 70 per cent.
"In the private sale market indicators were stable, with time on market for houses remaining at 40 days and the average vendor discount for houses increasing from 6.2 to 6.3 per cent," he said.
"The number of new listings being prepared for the market continues to rise, with Victoria leading the nation with a 7.9 per cent rise over the past month in seasonally adjusted terms."
Sydney also had a strong weekend of auctions, with RP Data recording the city’s best result in five years.
The property data provider recorded a preliminary result of 88.4 per cent, up from 79.7 per cent last week, and is the strongest result since it started tracking auction results in 2008.
Similarly, Australian Property Monitors (APM) recorded a strong auction clearance rate of 86.3 per cent, a rise from last week’s result of 84.1 per cent. Senior economist for APM Dr Andrew Wilson said the result brought the average rate over the past month to an unparalleled 85.1 per cent.
"Clearance rates in Sydney’s weekend auction market are now approaching the record levels reported during the great housing market boom of autumn 2002," he said.
"With just one weekend remaining in September the Sydney auction market is set to record the highest ever auction clearance rate for that month.
"This result will be achieved despite the last two weekends each hosting the second and third highest number of auctions for any weekend so far this year."
Across the capital cities, RP Data recorded a combined auction clearance rate of 76.2 per cent, up from 72.0 per cent last week. This was a significant rise from the 56.5 per cent rate recorded in the same week last year.
According to APM, the most expensive property was sold in Sydney with a value of $3.817 million, while the most affordable was in Brisbane with a value of $210,000.
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