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No End In Sight For Record Breaking Spring

By Rebecca Richmond

Sydney and Melbourne have continued to record solid auction performances despite higher listing numbers over the weekend.

According to Australian Property Monitors (APM), Sydney recorded a clearance rate of 85.8 per cent across 716 properties, which is the highest weekend listings total for the year so far. RP Data recorded a preliminary clearance rate of 82.6 per cent across 884 auctions.

“Weekend auction clearance rates in Sydney have averaged just under 85 per cent since the spring selling season began in September,” said senior economist at APM Dr Andrew Wilson. “This is a remarkable performance considering that listing numbers have been considerably higher this spring compared to the same period a year ago. There currently appears to be no end in sight for Sydney’s record-breaking spring auction market boom.”

However, Dr Wilson said there were significant tests to come over the next few weeks, with record or near-record auction listings being driven by sellers rushing to take advantage of a super-heated housing market.

In Melbourne, APM recorded a clearance rate of 76 per cent across 874 properties. The result was higher than last weekend’s 75 per cent clearance rate and close to the average of 75.1 per cent recorded over the last two months. RP Data recorded a clearance rate of 73.8 per cent across 1,014 auctions.

RP Data Victoria housing market specialist Robert Larocca said: “The market is clearly absorbing increased volumes in the auction market with little sign of diminished demand suggesting the record weekend at the end of October, when Melbourne will see 1,500 auctions, will deliver a result on trend.”

Dr Wilson added that Melbourne was continuing to produce solid results despite rising listing numbers, but like Sydney, record- or near record-breaking levels would be a test for the market.

Across the capital cities combined there were 2,228 auctions with a preliminary clearance rate of 74.3 per cent, according to RP Data. APM reported that the most expensive property was in Sydney with a value of $3.425 million, while the most affordable property was in Adelaide with a value of $129,000.

Source: www.rebonline.com.au

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