The national property market continues with previously unheard of auction volumes occurring in the week leading into Xmas. Below is a brief wrap!
- Initial national clearances hit 72.44%, compared to 74.6% last week.
- Sydney, Adelaide and Melbourne remain very strong, with clearances in the 70’s.
- Melbourne auction volumes continue climbing, recording 1,192, compared with 1,131 last week. Unusually high for the final weekend before Xmas. Another anomaly is the number of auctions scheduled for weekdays prior to Christmas on Friday. These are indeed strange times! Realestate.com.au reported 1,579 private sales this week, many more than the number of properties sold last week of 1,414.
- Sydney also held more auctions this weekend than the same time last year, with initial clearance rate of 76%, likely to reduce down to the low 70’s in line with last week’s final clearance rate of 72.5%. A year ago the clearance rate was 67%, which was during a 10% growth spurt, suggesting the market is very strong leading into 2021 as we have opined for a few months now. Realestate.com.au reported 1,928 private sales in NSW this week, up on last week’s 1,838. Again a sign of the strength of the Sydney market.
- Canberra shows no signs of slowing, with an initial clearance rate of 87%.