Best results in 5 years for capital city auction market

A stellar auction weekend resulted in the best figures in 5 years for the capital city auction market.

A preliminary weighted average clearance rate of 77.1 per cent was recorded this week across capital cities compared to 77.3 per cent last week and 74.2 per cent this time last year.

National auction results - Capital City

Following last weeks strong result this week’s result indicates the auction market is delivering healthy outcomes to sellers in increasing numbers.

In Sydney a preliminary clearance rate of 82.8 per cent was recorded compared to 86.2 per cent last week and 77.6 per cent last year.

This is the fourth consecutive week in excess of 80 per cent making it the strongest capital city auction market in recent times.

The Sydney auction market is in uncharted territory now.

National auction results - Sydney

In Melbourne the preliminary clearance rate was 76.5 per cent, compared to 75.8 per cent last week and 76.6 per cent this time last year.

The Melbourne auction market is beginning to record numbers similar to autumn 2010, when high clearance rates and volumes translated into strong capital gains.

National auction results - Melbourne

In Brisbane a preliminary clearance rate of 54.6 per cent was recorded compared to 63.6 per cent last week and 46.2 per cent last year.

National auction results - Brisbane

In Adelaide a preliminary clearance rate of 78.6 per cent compared to 53.3 per cent last week.

National auction results - Adelaide

In Canberra the market is beginning to show levels of demand currently present in Sydney and Melbourne.

A clearance rate of 81.6 per cent was recorded compared to 72.4 per cent last week.

In Perth a clearance rate of 40 per cent was recorded compared to 46.4 per cent last week and 55 per cent last year.



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Robert Larocca

About

Robert Larocca is RP Data's Victoria Housing Market Specialist. He has built a profile over the past eight years as an expert on the Victorian residential property market. Visit www.rpdata.com


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