Sydney breaks record… again!

According to Australian Property Monitors, Sydney was the host of another record-breaking 995 auctions, which breaks the record of 891 auctions set two weekends ago. This is 82 per cent higher than the 547 properties auctioned over the same weekend last year.

With a reported clearance rate of 76.1% for Sydney (APM), although being the lowest recorded result for the past 6 months, this is still a very robust result when you factor in the number of properties that went under the hammer and being just 2 weekends out form Christmas.

With the uncanny pre-Christmas rush of vendors getting their auctions underway this past weekend, Melbourne has seen auction clearance rates increase from last week’s result by around 5% resulting in an auction clearance rate of 72% according to APM, still slightly behind the spring average of 73.4%.

RP Data Victoria housing market specialist Robert Larocca said this was a solid outcome after the busiest six weeks in Melbourne’s auction market history.

“Over this time, there has been an average of 1,380 auctions a week, a record for any single week in any other year, which underscores how remarkable this spring and summer selling season has been,” he said.

“Buyers who are still in the market will find good buying opportunities over next month as vendors of homes passed in look to sell.”

Auction Results:

Sydney: 76.1% (APM)
Melbourne: 72% (APM)
Brisbane: 50% (APM)
Adelaide: 75% (APM)

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