12 Aug VIDEO – Auction results improve
- Sydney clears 8 in 10
- National clearance over 70%
- Market strengthens
The strengthening weighted average results of late can be mostly attributed to Melbourne and Sydney, where both cities have consistently reported clearances rates above 70 per cent over the past few weeks, with Sydney’s preliminary figure this week ticking over the 80 per cent mark.
As the remaining results continue to come through we expect preliminary figures will revise lower as we usually see at final collection on Wednesday, however the consistent trend where final clearance rates hold above the 70 per cent mark imply the market is responding to the stimulus of lower mortgage rates, improved sentiment following the federal election and lower serviceability tests for borrowers, as well as low advertised stock levels.
Melbourne returned a preliminary auction clearance rate of 73.2 per cent, rising on last week’s final clearance rate of 70.9 per cent as volumes remained steady across the city (500 auctions).
There were 365 homes auctioned across Sydney this week, lower than the 386 auctions held last week. The lower volumes returned a preliminary auction clearance rate of 81.2 per cent increasing on the 72 per cent final clearance last week.
Get a full rundown of results in all the capitals including a breakdown between units and houses. Also a look inside the top sales in Sydney, Melbourne, Adelaide and Brisbane, Canberra and Perth. Kevin Brogan joins Kevin Turner to present the latest figures from Core Logic.