This weeks property auction and clearance results show the national property market continues to build momentum. All capital cities turn with preliminary clearance rates above 70%, which signifies a highly competitive market. Notable points from this weeks property auction and clearance results include:
- The national auction clearance rate was 83.81%, improving from last week’s 81.1%. For perspective, this is well above this time last year, pre-COVID at 67.7%. At the time Sydney and Melbourne were running hot post-election with 10% plus run of value increases.
- Auction activity ramps up, with 1,287 homes taken to auction. This is a big jump from last week’s 891, and around 10% higher than the 1,167 recorded this time last year.
- All capital city clearance rates are stronger than this time last year by around 12% at least, which is significant.
- Melbourne holds the most auctions as usual with 592 homes under the hammer. This has increased from 388 last week, compared with 419 this time last year. Vendors who couldn’t sell during the lockdown #2 have started to list their properties.
- For the second week in a row, Canberra, Adelaide, Melbourne and Sydney return clearances above 80% which is a significantly high success rate, with Canberra leading the pack with 92.68%