Sydney leads the market

Another solid weekend of auction results in both Sydney and Melbourne this past weekend as APM reports clearance rates of 80.6% and 73.3% respectively.

Sydney continued to challenge all records with both buyer and seller numbers exceeding average levels across 767 reported auctions (APM). Buyers and sellers appear to be taking advantage of increased sentiment in the market and continuing to make aggressive moves in the Sydney property market. This was the 17^th weekend out of 19 where auction clearance rates exceeded 80% and averaging 83.3% for the spring selling season compared to just 63.1% over the same period last year.

Melbourne continued the spring period as expected with auction clearance rates almost identical to last weekend’s result and slightly below the average of 74.5% according to APM.

“This was the third largest auction weekend this year and the seventh with over 1,000 auctions scheduled this year,” said RP Data Victoria Housing market specialist Robert Larocca.

With RP Data-Rismark Daily Home Value Index recording a 0.5% decrease in Melbourne property prices over the last month. This recent decrease follows on from a 12 month ongoing growth period and could suggest a pause in the growth cycle, at least for the short term.

Auction Results:

Sydney: 80.6%
Melbourne: 73.3%
Brisbane: 64%
Adelaide: 72%

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